Politics
Fitch Ratings Predicts Naira Could Stabilize At 1450/$ By December
Fitch Ratings Predicts Naira Could Stabilize At 1450/$ By December....KINDLY READ THE FULL STORY HERE▶
Fitch Ratings foresees the Nigerian naira stabilizing at 1,450 to the US dollar by year-end, attributing this projection to ongoing reforms in the foreign exchange market and oil sector……….. CONTINUE READING
The agency anticipates some volatility in the near term but expects improvements fueled by multilateral funding and increased oil receipts.
Additionally, the potential upgrade of Nigeria’s credit rating hinges on sustained reductions in inflation, greater stability in foreign exchange markets, and enhanced tax revenue mobilization.
Despite challenges in foreign reserves and external debt servicing, Fitch Ratings remains cautiously optimistic, foreseeing modest growth in reserves by year-end, aided by oil receipts and potential commercial borrowing.
The anticipation of multilateral funding from institutions like the World Bank further bolsters confidence in Nigeria’s economic trajectory, highlighting the government’s efforts to leverage such funding to propel growth and stability.
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