This study examined the Effect of global financial crisis on the Nigerian banking industries. (A case study of Access bank and First Bank). The global financial crisis is occasioned by banks imprudence, too high/excessive compensation packages to banks executives, reckless bank lending, lose regulatory regimes and several unregulated financial markets and products. Ex-post facto research design was adopted for this study. Data collected from a sample of 60 respondents through questionnaire were analyzed using Chi-square statistic techniques. The study was carried out in two banks in Lagos state and employed secondary data. Specifically, it holds that the global financial crisis had a negative or reverse effect on the Nigerian banking sector. Hence, the research concluded by suggesting economic policies that could restore the economy to full stability as well as adequately insulate the economy against future financial crisis. The study recommends that policy makers should evolve comprehensive measures to address the crisis at the national level and in any case to bring about a return to stability in the international financial system.