This paper x-rays the Nigerian banking sector as well as the various reforms embarked by the Central Bank of Nigeria to strengthen Nigerian banks. Ranking of Nigerian banks among the top 1000 world banks was also examined. The paper is of the view that for Nigerian banks to compete favourably with her peers globally, they need to embrace good corporate governance, put customers’ on the drivers’ seat, embark on innovative approaches to business designs, application of sharply focus technology among others.