1. Afribank Plc  2. Intercontinental Bank Plc  3. Union Bank of Nigeria Plc  4. Oceanic international Bank Plc  5. Finbank Plc  These persons forthwith cease to be directors and officers of their respective banks. The Board of the Central Bank of Nigeria has also appointed the following as the MD/CEOs of the affected banks: 1.
Unlike the cases of Brazil, Mexico or Southeast Asia, the abandonment of the convertibility regime included simultaneously an institutional breakdown, a huge devaluation, the destruction of the financial system and the default on the public debt.