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Central Bank of Nigeria
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GLOBAL FINANCIAL AND ECONOMIC CRISIS:HOW VULNERABLE IS NIGERIA?
Prof. Chukwuma C. Soludo, CFRGovernorCentral Bank of NigeriaJANUARY, 2009
C e n t r a l B a n k o f N i g e r i a
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I.IntroductionII.Causes of the CrisisIII.Impact of the Crisis on Global and NationalEconomiesIV.Global and Country ResponsesV.Impact on the Nigerian EconomyVI.Response by Nigeria
I.Exchange Rate Adjustment as Key ShockAbsorber
VII.Threats, Opportunities, and the Road Ahead
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OUTLINE
C e n t r a l B a n k o f N i g e r i a
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1. Introduction
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Current Global Crisis started as a ‘financial crisis’but now a ‘Global Economic Crisis’
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The crisis is unprecedented in severity of creditcontraction (credit crunch & capital crunch).
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The roots are in banking rather than insecurities market or foreign exchange.
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The Crisis started in the U.S (due to certainlaxities in the US financial system), spread toEurope, and has become global. Evencountries not affected by the financial crisis arenow affected by ‘second-round effects’as thecrisis now becomes ‘economic’.
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