After FTSE Russell Reclassification, Moody’s Upgrades Nigeria’s Outlook on Stronger External Position
*Stock market soars N1.38trn in one day
*External reserves hit $53.30bn, rise $12.08bn in one year
Nume Ekeghe and Kayode Tokede
Nigeria’s economic and financial outlook received a fresh boost yesterday as Moody’s Ratings upgraded the country’s outlook from ‘stable’ to ‘positive,’ one day after FTSE Russell confirmed the West African country’s return to the Frontier Market classification.Owing to the positive news, the Nigerian equities market responded with a N1.38 trillion surge in market capitalisation.
