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Fitch Ratings has said the Central Bank of Nigeria may be issuing regulations that would hinder the banking sector support to revised the Nigerian economy as it revised the Outlook on the Long-Term Issuer Default Ratings (IDRs) of five Nigerian banks and one bank holding company to Positive from Stable, as it affirmed the Long-term IDRs at 'B-'.

Banking

Fitch maintained the Rating Watch Negative (RWN) on First City Monument Bank's (FCMB) and Union Bank of Nigeria PLC's (UBN) Long-Term IDRs of 'B-' and National Long-Term Ratings of 'BBB+(nga)' and 'BBB(nga)', respectively.

The Stable Outlook mirrors that of the sovereign rating. BOA's VR considers its solid franchise in Morocco and its pan-African presence, which brings diversification benefits to the business model but also exposes it to less developed markets and more volatile operating conditions. BOA's stronger performance and fairly strong funding and liquidity are balanced by weak capital and asset quality.

Fitch Ratings has affirmed the The Bank of New York Mellon Corporations Long-Term and Short-Term Issuer Default Ratings at AA- and F1+, respectively. In addition, Fitch has affirmed the IDRs...

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The affirmation, it said, reflects ETI's continuing compliance with group minimum regulatory capital requirements following the devaluation of the Nigerian naira and “Fitch's expectation that, although capital buffers remain thin, would continue to remain compliant in the event of a further material devaluation of the naira”.