This study evaluated the relevance of ratio analysis as a measure of performance of commercial banks in Nigeria for the period of 10 years 2006-2015. Secondary data of Access Bank, First Bank, Guarantee Trust Bank (GTB), United Bank for Africa (UBA), Union Bank, and Zenith Bank were used for the study. Financial ratios were employed to measure the profitability, liquidity and credit performance of these banks and the study found that banks’ overall profitability performance increased by 9.6% from 2006-2008 while the performance was negative between 2009-2011 from -14.29% to -3.45% and finally banks’ profitability performance decreased by 18% from 2012-2015. Liquidity performance, liquidity ratio fell by 61% from 50.48% to 19.62% in the period under review. Credit performance increased by 78% from 2006-2015. Capital adequacy was between 13.15%-15.34%. Statistical results indicated the significant relationship among the variables. The R2 of 0.893 showed that Profit margin, Return on assets, Total loans and advances, Liquidity position and shareholders fund explained 89.3% of the variation in the Return on Equity of the selected banks under study. The relationship among the stated variables was significant, and the study, therefore, recommended the adoption of ratio analysis as a good measure of commercial banks performance in Nigeria.