As far as October last year, some of the banks showed serious liquidity strain and had to be given financial support by the Central Bank in the form of an "Expanded Discount Window" (EDW) where the CBN extended credit facilities to these banks on the basis of collateral in the form of Commercial Paper and Bankers' acceptances, sometimes of doubtful value.
As at June 4, 2009 when I assumed office as Governor of the CBN, the total amount outstanding at the Expanded Discount Window was N256.571 billion most of which was owed by the 5 banks. A review of the activity in the EDW showed that four banks had been almost permanently locked in as borrowers and were clearly unable to repay their obligations.