International credit rating agency, Fitch Ratings, has predicted that the naira may end the year at N1,450 to the United States dollar.
Director, Sovereigns, at Fitch Ratings, Gaimin Nonyane, stated this at a post-sovereign rating webinar focused on Nigeria and Egypt.
He pointed out that the Naira was still finding its feet and still in price discovery mode so a lot of volatility was still to be expected in the near term. Nonyane further noted the expectation of multilateral donor funding coming in the third quarter of this year in addition to improved oil receipts, all of which he added, should help to reduce volatility somewhat by Q3.
For 2025, the director said the firm was projecting a gradual depreciation, which he, however, pointed out, also depends largely on the foreign exchange reforms momentum.
On the likelihood of Nigeria being upgraded further, Nonyane said they currently see a path to a sustainable recovery in CBN foreign exchange position and sustained current account surpluses.
