Fitch Ratings, foremost global rating agencies, has said that the Nigerian banking system is still grappling with ‘significant financial risks’ even though banks posted impressive results for the 2016 financial year.
In a release on Wednesday, Fitch said the banks’ healthy 2016 earnings, which came regardless of stormy operating conditions, were non-maintainable as they arose on the back of gains from one-off revaluation gains post-naira devaluation in June last year.
Details later…