JamzNG Latest News, Gist, Entertainment in Nigeria
The Moody credit rating agency has updated the evaluation of the Nigeria of a “B3” notch from “Caa1” Friday, citing significant improvements in the country’s external and tax positions.
“The recent revision of the management framework of Nigeria changes … has significantly improved the balance of payments and strengthened the CBN (central bank of Nigeria) reserves,” said Moody in a note.
The agency has revised the prospects of Nigeria to “stable” from “positive”, as it provides that recent progress on the external and fiscal fronts continue, although at a slower pace, if oil prices decrease. [Reuters]
