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FITCH RATINGS
News and analysis about fitch ratings
Fitch Ratings has stated that the ongoing foreign exchange (FX) reforms are necessary to boost foreign direct investment (FDI) and foreign portfolio investment (FPI).
Global credit ratings agency, Fitch Ratings, has projected further hike in monetary policy rates by the Central Bank of Nigeria (CBN) in the second half of the year.
The global credit ratings agency, Fitch, has estimated that approximately 30% of Nigeria’s external reserves are constituted by foreign exchange (FX) bank swaps.
This disclosure underscores ongoing uncertainties regarding the country’s net FX reserves, exacerbated by opaque entries amounting to nearly $32 billion in FX forwards, over-the-counter futures, and currency swaps listed as off-balance sheet commitments in the Central Bank of Nigeria's (CBN) consolidated financial statement for 2022.
Global credit ratings agency, Fitch, has revised Nigeria’s long-term credit default rating upward from stable to positive on the back of reforms in the foreign exchange market, oil industry and monetary policy over the past one year.
Global ratings agency, Fitch Ratings has stated that the Mergers and Acquisitions (M&As) that would accompany the bank recapitalisation exercise could lead to a more concentrated banking sector with greater barriers of entry and stronger long-term profitability.
Fitch Ratings Inc. has underscored the necessity for Nigeria to adopt more stringent monetary tightening measures to secure macroeconomic stability.
Credit ratings agency Fitch stated on Thursday that the CBN continues to face a shortage of foreign exchange to clear the forex backlog.
The renowned rating agency, Fitch Ratings, has said that increased regulatory actions or funding instability may lead to a downgrade rating for Union Bank of Nigeria.
Fitch Ratings has affirmed Nigeria’s long term foreign currency credit default outlook at B- citing recent policies by President Tinubu as responsible for the stable outlook.
Nigeria’s weak external reserves, as disclosed by CBN’s recent data, are a concern as they highlight external risk and policy challenges.
Fitch Ratings (Fitch) has assigned a National Ratings of ‘AAA(nga)’ to Infrastructure Credit Guarantee Company Limited (InfraCredit) considering its solid position. InfraCredit's “B+” International Long Term Financial Strength also assigned by Fitch is two notches above Nigeria's sovereign credit rating score of 'B'- thus, piercing the country’s foreign currency sovereign ceiling.
The dollar index struggled to rise on Wednesday after Fitch downgraded the US government's credit rating raising questions about the country's financial outlook, although it received some support from a range of relatively stable economic data.