Against the backdrop of increasing economic hardship in the country, Nigeria’s fiscal and monetary policies reforms have continued to attract positive ratings.The credit rating upgrade implies that Nigeria is getting financially healthier in terms of credit worthiness, an important basis for borrowing from the international financial system.
“Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production,” Fitch said.
“The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year’s unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed.
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