FILE: President Bola Tinubu
Moody’s Ratings has changed Nigeria’s credit outlook from stable to positive while affirming the country’s B3 long-term foreign and local currency issuer ratings.
Positive outlook, the agency said, reflected improvements in Nigeria’s external position and stronger-than-expected economic growth, which, if sustained, could improve the country’s ability to absorb external shocks and strengthen its economic resilience.
It announced the change in a rating action published on its website on Friday.
According to the agency, the improvements were driven by sizeable current account surpluses, increased foreign exchange reserves, improved foreign exchange market functioning and more effective monetary policy transmission.
