SAT MAY 31 2025-theGBJournal| Credit ratings agency Moody’s on Friday, upgraded Nigeria’s rating to ”B3” from ”Caa1”, citing better external and fiscal positions.
The agency equally revised Nigeria’s outlook to ”Stable” from ”Positive”, with the expectation that recent progress on external and fiscal fronts continue, through at a slower pace, if oil prices fall.
Moody’s noted in its ratings comment that the recent overhaul of Nigeria’s foreign exchange management framework has markedly improved Nigeria’s balance of payments and bolstered the Central Bank of Nigeria’s (CBN) foreign exchange reserves.
The ratings agency added that, inflationary risks in Nigeria, driven by policy shifts, have diminished.
Moody’s noted as well that inflation and domestic borrowing costs are showing nascent signs of easing, bolstering confidence in the stability of these policy changes.
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