Some feedbacks from global rating agencies about Nigerias economic status point to emerging improvements in the countrys macroeconomic indexes.
The global rating agency, Moodys Investors, recently upgraded Nigerias Issuer ratings from Caa1 to B3. Moodys hinged its decision on significant improvements in Nigerias external and fiscal positions.
The agency said the recent overhaul of Nigerias foreign exchange management framework has markedly improved the balance of payments and bolstered the Nigerias foreign exchange reserves. Moodys cited forex reforms instituted by the Central Bank of Nigeria CBN as crucial in the current macroeconomic stability and push to tame inflation.
For instance, Moodys recently upgraded Nigerias Issuer ratings from Caa1 to B3, with a stable outlook, citing significant improvements in Nigerias external and fiscal positions. The new rating for the country also signals growing optimism about the Nigerias economic outlook.