American Journal of Social and Management Sciences
نویسنده
چکیده
This paper examines the impact of the global financial crisis on the Nigerian financial system. The paper documents extensive evidence to show that the immediate past governor of Central Bank of Nigeria was puerile in preventing the global financial crisis from having adverse effect on the Nigerian economy. As a result, the Nigerian capital market was seriously hit by the crisis. The prices of shares in the market nose-dived and investors lost huge sum of money. The crisis also crept into the banking sector as a result of excess exposure to the capital market and oil gas sector. The Central Bank of Nigeria responded simultaneously by injecting N600 billion into the banking sector. While this effort has been applauded by analysts and justified on the basis of the vital role of banks in economic development. This paper argues that capital market regulators must undertake swift reforms, which will restore public confidence and protect investor. The paper showed that further neglect of the capital market has the implication of stifling the long-term end of the financial system, which will make the financial system atrophied, thus hindering economic growth.
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