Current banking sector reforms  4.1  Diagnosis and initial stabilization steps  Given the precarious state of the Nigerian banks, the CBN in June 2009, took a three pronged approach to assess the financial condition of the 24 banks. The first was the special examination exercise jointly conducted by the CBN and the Nigerian Deposit Insurance Corporation (NDIC).
One example can be found in corporate debt markets. Here, valuations indeed look somewhat stretched. The BIS estimates that gross issuance in the high-yield bond market increased to $ billion per quarter in 2013 – three times the pre-crisis quarterly average of $ billion.1 The strong recovery in the property markets of some euro-area countries should also set us thinking.