EFFECT OF COVID-19 ON THE BANKING SECTOR
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ABSTRACT
This study was carried out on the effect of corona virus (covid-19) on the Nigeria bank sector. The Covid-19 pandemic has generated shocks that have caused economic fluctuations globally, calling for an understanding of the behaviour of macroeconomic variables. This study presents an early review of the macroeconomic impact of the Covid-19 pandemic in Nigeria. The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondents are staff of First Bank Nigeria PLC, Lagos State. The study concluded that; first, firms that have stopped working miss out on revenues, and therefore might not be able to repay loans. Similarly, households with members who have lost their jobs or are furloughed have less income, and therefore might not be able to repay their loans.
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