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Vol 43 No 13

Published 28th June 2002


Nigeria

Banker versus banker

Central Bank Governor Sanusi wants to tame his former banking colleagues

Nigeria's banks are dynamic, indigenous and very profitable. Their attitude to financial regulation is another story. Some of the country's biggest financial egos are now at war with the Central Bank of Nigeria (CBN), which is trying to bring them to heel without a major banking crisis (AC Vol 43 No 5). A confidential study by the International Monetary Fund this year estimated that about half of Nigeria's 100 banks were insolvent or close to it and should be shut.

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