This paper examined the impact of banking sector reforms on the performance of the banking system in Nigeria. To evaluate this, the researcher adopted a one sample t statistics using the population average as the test value. The findings revealed that apart from the reform period of financial liberalization which affected significantly virtually all the banking sector performance indicators and the financial deepening, the rest of the reforms made no significant impact on the performance variables. However, with the exception of the recapitalization reform exercise that started in 2004 which deteriorated financial deepening and made insignificant impact in all but return on equity which is drastically reduced, all other reforms exerted significantly on financial deepening. The merger and acquisition associated with the recapitalization reform were more or less a forced or compelled one, so un-spontaneous that it could not significantly improve the performance and efficiency of the participant banks. In the light of this, the researcher sees the simultaneous consideration of all the items in the CAMEL acronym and undue interference from board members, political crisis, undercapitalization and fraudulent practices (all of which contribute to nonperforming loans) as a necessity while proposing a reform. The undue interference of board members and the fraudulent practices of the banks’ insiders should be totally arrested and terminated if we expect efficient performance in the banking system.