Is there a limit to the number of IF() formulas you can nest together?

I have no idea.
I put 15 of them together, and that worked fine.

IF(ABC=1,‘A’,IF(ABC=2,‘B’,IF(ABC=3,‘C’,IF(ABC=4,‘D’,IF(ABC=5,‘E’,IF(ABC=6,‘F’,IF(ABC=7,‘G’,IF(ABC=8,‘H’,IF(ABC=9,‘I’,IF(ABC=10,‘J’,IF(ABC=11,‘K’,IF(ABC=12,‘L’,IF(ABC=13,‘M’,IF(ABC=14,‘N’,IF(ABC=15,‘O’,BLANK())))))))))))))))

If 15 times will work I guess 150 times will work fine as well.