Combined profits at Nigeria's largest lenders dropped 16.4% in 2025, falling to 2.24 billion dollars as one-time currency gains evaporated.
The decline makes Nigeria the only major African market where banking sector earnings contracted over the period, signaling a structural shift away from exchange-rate-driven profitability.
18 trillion naira in value over a 19-day stretch, driven by a wave of selling as investors seek to shield capital ahead of the upcoming general election.
The earnings slump arrives as investor sentiment in the country has deteriorated significantly.
Nigerian equity markets have shed approximately 9.18 trillion naira in value over a 19-day stretch, driven by a wave of selling as investors seek to shield capital ahead of the upcoming general election.
The rapid erosion of market capitalization reflects growing caution among domestic and foreign holders of local assets.
The banking sector's performance highlights the fragility of profit models reliant on currency volatility.