The result was a sharp deterioration in the quality of banks’ assets which immediately led to concerns over banks’ liquidity. In deed, the Nigerian banking sector was thrown into severe crisis as many of the banks became distressed.
BIS central bankers’ speeches  5  3.3  Remedial measures to mitigate the impact on the banking sector  The initial diagnosis of the distress in the banking system amplified by the global financial crisis as a liquidity problem led to the introduction of several measures by the CBN between 2008 and 2009.