Fitch Predicts Nigerian Naira to Sink to Record Low in Four Years [Video]

• Fitch has predicted an unfortunate outcome for the naira by 2028, according to its BMI Research report
• It said the persistent depreciation of the naira will drive up the cost of importing medical devices and diminish consumer purchasing power
• Despite government incentives, local manufacturing of medical devices in Nigeria still faces significant obstacles

Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the Stock Market.

Fitch Solutions, a financial intelligence provider, has forecasted that the naira may fall to around N1,993 per dollar by 2028, posing significant challenges for Nigeria’s pharm*ceutical industry in importing medical devices.

In a recent report, BMI Research, a subsidiary of Fitch Solutions, noted that despite the anticipated economic recovery, Nigeria’s medical devices market would likely continue to encounter operational and demand-related difficulties in the short term.