FX.co ★ Moody's Upgrades Nigeria's Rating to B3

Moody's Global Ratings has upgraded Nigeria's credit rating from Caa1 to B3, acknowledging notable improvements in the country's external and fiscal conditions. The agency highlighted that recent policy adjustments have reduced inflationary risks in Nigeria. As a result, both inflation and domestic borrowing costs are beginning to show signs of moderation, enhancing confidence in the sustainability of these policy transformations. Concurrently, Moody's has altered Nigeria's outlook from positive to stable, anticipating continued advancement in external and fiscal areas, though progress may slow if oil prices fall. Meanwhile, Standard & Poor's has assigned a credit rating of B- to Nigeria, maintaining a stable outlook.