Fitch: Nigerian banks positioned to meet about $1.7bn of 2026 Eurobond maturities

On 1 March 2026 Fitch published a commentary saying Nigerian banks are positioned to meet about $1.7 billion of Eurobond maturities and call options due in 2026, citing stronger foreign-currency liquidity, higher external reserves and improved FX market functioning that materially reduce near-term refinancing risk.

If issuers meet the maturities using rebuilt foreign-currency buffers and domestic FX inflows, pressure on naira funding and costly external refinancing could be limited. However, outcomes depend on idiosyncratic issuer strength and continued external inflows; weaker domestic banks could still face funding stress, which may spill into FX demand, higher bank funding costs and sovereign credit premia if pressures become systemic.

Monitor Access Bank's AT1 callable outcome in October 2026 and September–November 2026 maturities for Fidelity and UBA.