As a consequence, managing the risks to the banking system from the impact of oil price volatility, cross-border capital flows, asset price bubbles and weak corporate governance did not have the necessary urgency at the CBN board or within the CBN itself. Management information to analyse the risks in the banking system was inefficient.
There were also data quality issues with the CBN’s internal reporting system and the research department at the CBN is under-equipped to access the latest economic data and analysis.