**Naija Banks Better Equipped to Meet Eurobond Maturities, Fitch Rates** In a welcome development, Fitch Ratings has given Nigerian banks a clean bill of health, stating they are in a better position to meet their $1.7 billion Eurobond maturities and callable instruments due in 2026. This is largely due to the significant improvement in foreign-currency liquidity and stronger external buffers that have reduced refinancing risks. Nigerian banks have been facing a major challenge in recent years, but the recent naira devaluation and subsequent reforms in the FX market have triggered a surge in foreign exchange trading volumes. The reforms, designed to eliminate distortions in the FX market, have improved importers' direct access to FX, thereby reducing their dependence on banks for dollar funding. As a result, the gross foreign reserves have increased, reaching $46.3 billion at the end of January 2026. The Central Bank of Nigeria (CBN) has also been able to clear its backlog of overdue verified foreign-exchange forwards and settle many of the foreign-exchange swaps it has with local banks. This has helped Nigerian banks to pay down their correspondent banking lines and rebuild their placements at foreign banks, resulting in a substantial net foreign asset position of $11 billion at the end of Q3 2025. Two major banks, Access Bank and Ecobank Nigeria Limited, have demonstrated their ability to meet their Eurobond maturities. Access Bank has raised Tier 2 capital and plans to further strengthen its bank-solo CAR ahead of the initial call date through internal capital generation and the optimisation of risk-weighted assets. Ecobank Nigeria Limited, on the other hand, completed two tender offers in 2025, redeeming a combined $245 million of its $300 million senior unsecured bond ahead of its maturity date. Fitch's assessment is a positive development for Nigerian banks, which have been facing significant refinancing risks in recent years. The improvement in foreign-currency liquidity and stronger external buffers have given lenders greater flexibility to redeem maturing obligations without necessarily returning to the international capital markets. This is a testament to the CBN's efforts to reform the FX market and the resilience of Nigerian banks in the face of challenges.