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The question about whether consolidation policy can raise bank's productivity is an interesting subject of discourse in monetary theory, though not too common. This present paper applied the Malmquist Data Envelopment Analysis to examine the total factor productivity changes (TFPC) of fifteen major deposit money banks in Nigeria over the 2004/2005 bank consolidation period, three years before and after. The results showed a similar productivity change in the pre-and bank consolidation era butdoi:10.5539/ijef.v6n9p221 fatcat:lxnehlrqv5bz7a2kbgafyhdmwu