This
era witnessed a brief period of renewed regulation and the period of guided
deregulation. The deregulatory approach brought about increased number of
players far beyond what could be effectively managed by the CBN.
As a result,
the financial institution faced serious waves of distress that caused crisis of
confidence in the industry. The CBN in collaboration with NDIC has since 1994
intensified efforts towards achieving a healthy operating environment for the
financial services sector.
However, the post SAP period that
started from 1994 was faced with some degree of regulations in monetary
activities.
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