As a result, the Nigerian banking system has steadily evolved, following wide and farreaching reforms embarked upon by the regulatory authorities. Following the banking crisis of 2008, the Central Bank of Nigeria articulated a blue print known as “The Project Alpha Initiative” for reforming the Nigerian financial system in general and the banking sector in particular.
The EU has not, since the crisis, specifically adjusted the structure of regulation of foreign banks by its member states in their role as host supervisors.