A credit rating is a measure of how likely a company or government entity can pay back its debts, based on an independent assessment of its financial health.the positive outlook partly reflects reforms implemented over the past year to support the restoration of macroeconomic stability and enhance policy coherence and credibility.
“Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested,” the credit agency said. been clearance of USD4.5 billion of the backlog of unpaid FX forwards , and weekly sales of FC to bureaux de changes have resumed .”Fitch said increased formalisation of FX activity and monetary policy tightening has contributed to a notable rise in foreign portfolio investment inflows and a fast appreciation of the naira at the official FX window.
Source: News Formal (newsformal.com)
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