Nigeria banks stable, says NDIC

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The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday said that the country’s banks remain stable in spite of a negative rating on Nigeria by global credit rating agency, Moody’s.

NDIC Deputy Director for Bank Examination, Mr Abdulhameed Aliu, said this at the ongoing workshop for business editors and finance correspondents by the Corporation in Yola.

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The theme of the workshop is,”Nigerian Banking System Stability: Tackling Emerging Issues.”

The News Agency of Nigeria (NAN) reports that Moody’s Investors Service (Moody’s), one of the global credit rating agencies, on December 4 changed its outlook on Nigeria’s ratings to negative from stable.

According to it, Nigeria’s weak operating environment poses a challenge to the banking sector in maintaining the recent improving trend, particularly as regards asset quality, given the increasing bank lending.

Aliu said that the regulators, which included the NDIC and the Central Bank of Nigeria (CBN), had put in place frameworks that would continuously ensure that the banking industry remains strong.

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