Moody’s Investors Service has changed from stable to negative the banking system outlook for South Africa, Nigeria and Morocco in the light of the coronavirus pandemic and oil price slump. It stated in a report on Monday that in all three countries, the outbreak would cause banks’ asset quality to deteriorate and put pressure on profitability, while slowing economic growth. On Nigeria’s report, Moody’s stated, In Nigeria, banks will face weakening loan quality and foreign-currency liquidity as low oil prices and the pandemic weigh on the economy. It also noted, the banking system is also highly dollarised, putting pressure on both assets and liabilities in the event of a naira devaluation. Nigeria’s largest banks, however, will continue to benefit from high government support. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices