By Munachimso Obienyi
Credit rating agency, Fitch Ratings said Nigerian banks can withstand a depreciation of the Naira.
Fitch disclosed this in a recently released statement titled “Nigerian Banks’ Capital Resilient to Naira Depreciation.”
This comes barely two weeks after the Bank of America projected that the official exchange rate could likely be devalued to N520/$ in 2023 because it is well above fair value.
The Central Bank of Nigeria (CBN) had announced last month that newly redesigned N200, N500, and N1000 notes would start circulating from December 15.
The apex bank also gave Nigerians 100 days to deposit the old naira notes in their possessions before they become illegal.
Since then, there has been a significant increase in the demand for dollars, causing the naira to crash to a historic low.
