I think we must correct this notion on the potential collapse of the five banks.
The banks might have been under some strain, but they were nowhere near collapse.
The crises began in October of 2008 and for ten months after the crises, there was never a report of any of the banks being unable to meet financial obligations to their depositors.
This nonsense that the banks would have collapsed and so would the economy is a creation of Sanusi. Its nonsense.

There is a major problem resulting from Sanusi's actions already, and it has to do with credit freeze from all angles.
The local banks have all of a sudden become risk averse. The are calling back even well performing loans in what they are terming a "loan recovery drive".
Worse still, foreign banks have seized honoring Letters of Credit from Nigeria, sighting the problems with the banking sector.
How would we service our imports especially in the petroleum products sector. There is a real problem brewing and the signs would start showing when we have exhausted our July/August imports.

cool

official234:
cool

Cool what? I hope you know it's a 2009 thread