Fitch comments in a report believes significant financial risks persist beyond reported figures.
The rating agency says banks’ healthy 2016 net incomes were lifted by large one-off revaluation gains after Nigeria allowed its currency to devalue in June.
The banks made higher US dollar core incomes in terms of naira and booked size-able foreign-currency trading income which offset rising impairment charges.
Meanwhile, Moody’s Investors Services says it is maintaining its stable outlook on the Nigerian banking system in spite of light loan risks.
