The study investigates impact of COVID-19 and oil price shock on banking system liquidity in Nigeria from the period dated 1st June, 2019 to 30th June, 2020. Using confirmed cases of COVID-19, global price of crude oil and deposit liabilities as variables of study. The results reveal that there is a positive significant impact between COVID-19 and changes in banking system liquidity in Nigeria. On the other hand, the results of the followings the of oil price slump reveal that there is a negative significant relationship between oil price and banking system liquidity. Also the results of Johansen co-integration test reveal that the series are co-integrated that is exhibit a long run relationship. The results of the granger causality tests suggest evidence of bidirectional causality flowing from COVID-19 to banking system liquidity vice versa while there is no evidence of causality running from oil price shock to banking system liquidity vice versa. Based on this, the study concludes that COVID-19 and Oil price shocks impacted significantly on banking system liquidity in Nigeria.