Relief as Fitch revises Nigeria’s outlook to stable

Nigeria’s external reserves

Fitch Ratings has revised the outlook on Nigeria’s long-term foreign-currency Issuer Default Rating to stable from negative and affirmed the IDR at ‘B’. The international rating firm disclosed this in its report with the title “Fitch revises Nigeria’s outlook to stable, affirms at ‘B’” released on Wednesday. The revision of the outlook reflected a decrease in the level of uncertainty surrounding the impact of the global pandemic shock on the Nigerian economy, it said. Fitch also noted that oil prices have stabilised, global funding conditions have eased and domestic restrictions…

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CBN spots odds against government’s multi-trillion naira economic interventions

International Money Transfer Operators

The Central Bank of Nigeria (CBN) has highlighted factors capable of tempering the expected impact of efforts put in place by the federal government to revive the economy after the disruption caused by Coronavirus pandemic and other global headwinds. The apex bank stated this in its Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021’ just released. Although the CBN stated that various measures so far advanced by the government to save the economy are commendable, there are headwinds that may undermine these expectations. According to the…

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