Again, Moody’s downgrades Nigeria’s credit rating

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Last October, the ratings agency downgraded Nigeria's local currency and foreign currency long-term issuer ratings

expects the government’s fiscal and debt position to worsen as the government grapples with far-reaching fiscal strain.

Obligations that are rated Caa are considered to be of poor standing and are subject to very high credit risk. “The 2023 budget plans on an even larger fiscal deficit than in 2022, while the government’s funding options remain narrow and reliant on central bank financing,” it added.

 

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