While Nigeria’s five biggest banks share common credit challenges related to the slowdown in Nigeria’s oil and gas dependent economy, their ability to withstand weak economic growth and volatile monetary conditions varies, one of the global rating agencies, Moody’s Investors Service said in a report monday.
The banks – Zenith Bank Plc, Guaranty Trust Bank Plc, Access Bank Plc, United Bank for Africa Plc (UBA), and First Bank of Nigeria Limited, have all been affected by the weakening domestic operating environment following the prolonged period of lower oil and gas prices, it stated.
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