Lexy Blog

Need for transparency in the banking sector I n most countries of the world, economies and financial markets were challenged in 2011 following the Eurozone debt crisis and its undercurrents which swept through emerging and developed markets albeit in varied dimensions. Heightened sovereign risks for debt-ridden Greece sent shivers down the spines of European banks and the global corporate world with substantial exposures to the Euro. While financial regulators and governments around the world are putting in place new regulations to forestall financial meltdown that has cost the globe billions of dollars never reoccur, Nigeria has not been left out of the reforms drive. Since 2008, the Central Bank of Nigeria (CBN) has rolled out several new rules to ensure that banks adopt best practices in their operations in a bid to prevent collapse that has cost the nation’s economy trillions of Naira. Up until the previous financial crisis have shown, rules and regulations are me...