In Nigeria, banks heavily exposed to the troubled oil and gas sector can breathe a little easier -- as 60% to 70% of loans to oil firms have been restructured. With some prodding from the Central Bank, the tenures of most loans extended to indigenous oil firms will be increased based on their cash generating capacity. Banks' exposure to the oil and gas industry is substantial, standing at around 30% of total loans, with one-third given to the upstream segment. Banks' balance sheets are also highly dollarised, with foreign-currency-denominated loans making up around 50% of the total loan book, as at the end of June. The ratings firm, Moody's, expects non-performing loans in Nigeria's banking sector to increase to around 12% of gross loans over the next 12 months, compared to 5% reported in December 2015.