Financial Risk is crucial and major determinant for the growth and survival of a firm, most firms indulge in financial risk management in order to report certain targeted performance, but the poor practices of financial risk management policy have led to the collapse of lot firms. The extent of financial risk management among listed money deposit banks in Nigeria was still not well studied and therefore there was the need for a detailed research on financial risk management. This study investigate the existence of financial risk management among some selected commercial banks in Nigeria and their financial performance from the period of 2014 to 2019. To assess the financial risk management practices, a self-administered survey questionnaire was used acoss the selected banks. The study used multiple regression analysis and the findings were presented in the form of regression equation and table. The findings from study revealed that most of the Nigerian money deposit banks were practicing average financial risk management and as a result the financial risk management practices mentioned herein modern risk measurement techniques such as risk value techniques, involved risk value, Risk-Adjusted and simulation techniques. The study, therefore, recommend that Nigerian banking industry should explore the use of derivatives to reduced financial asset risks and to perfect control on financial management risk policy implementation. Daianu, Daniel and Lungu (2008) pointed out that financial risk arises from likely losses in financial market as a result of movement in financial performance variables.