A recent review of the status of Nigeria’s banking industry at the backdrop of the adverse impact of COVID-19 on the overall economy has indicated sound fundamentals. But the policy powerhouse of the apex financial regulatory authority also hinted of some downside risks and weak links.
Vanguard’s analysis of the financial performance of the leading banks in Nigeria indicated a significant drop in revenue and profitability on industry-wide scale.
However, the personal positions of members of the Monetary Policy Committee, MPC, of the CBN has given a near-clean bill of health to the industry, while pointing to some red flags in the first quarter of 2021.