Naira Devaluation Boosts Foreign Units' Earnings for Nigerian Banks, Fitch
The sharp depreciation of the naira between 2023 and 2024 significantly increased the contribution of foreign subsidiaries to the earnings and asset base of Nigerian banking groups, according to a new report by Fitch Ratings. The post Naira
Fitch Ratings reports that the naira's sharp depreciation between 2023 and 2024 significantly raised the share of earnings and assets that foreign subsidiaries contribute to Nigerian banking groups. The currency's fall increased the local-currency value of those subsidiaries' foreign earnings when converted back into naira.
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