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Banks Face Solvency Risk as Govt Debt, CRR Squeeze Liquidity – Fitch
The Business NG
|The BusinessNG
Fitch Ratings has sounded the alarm over rising systemic vulnerabilities in Nigeria's banking sector, warning that excessive exposure to sovereign debt and rigid regulatory controls are weakening the sector's resilience.
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The global credit rating agency revealed that about 35% of total Nigerian banking sector assets and an alarming 350% of equity are tied up in government-related instruments and unremunerated reserves with the Central Bank of Nigeria (CBN).
In a webinar co-hosted with Renaissance Capital, Fitch's Director for African Banks, Tim Slater, highlighted that this level of sovereign concentration constitutes a material risk to bank solvency in the event of a fiscal shock or sovereign default.
“Banks cannot be rated above the sovereign,” Slater noted, underscoring that the sector's fate is intricately linked with the financial health of the Nigerian government.
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