The CBN encouraged the Federal Government to avoid locking down the economy again as the second wave of Covid-19 causes an increase in the number of deaths.
Fitch Ratings has revised Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.
The ‘B’ rating could be categorized as being in the non-investment-grade category when compared with the investment-grade category of ‘BBB’ to ‘AAA’. However, the ‘B’ may be seen to have a stable outlook as it is rated above the ‘CCC’ to ‘D’ (default).
This rating was supported by the large size of the economy, low debt-GDP ratio, small sovereign FX indebtedness of the sovereign, and comparatively developed financial system with a deep domestic debt market. However, the rating was suppressed by weak fiscal revenue, comparatively low governance and development indicators, high dependency on hydrocarbon, non-inclusive growth, and hyperinflation.