Credit ratings agency Moody’s upgraded Nigeria’s rating by a notch to “B3” from “Caa1” on Friday, citing significant improvements in the country’s external and fiscal positions.
“The recent overhaul of Nigeria’s foreign exchange management framework … has markedly improved the balance of payments and bolstered the CBN’s (Central Bank of Nigeria) foreign exchange reserves,” Moody’s said in a statement.
The agency revised Nigeria’s outlook to “stable” from “positive”, as it expects recent progress on external and fiscal fronts to continue, though at a slower pace, if oil prices fall. [Reuters]
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