Nigeria’s credit rating has been raised to B by Fitch Ratings, though this still places it in the speculative-grade category. Fitch made this decision because of improved policy credibility and lower short-term risks to economic stability.
“The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies,” Fitch said in a statement Friday.
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