On March 27, 2014, we revised our outlook on Nigeria to negative from stable to reflect heightened political and institutional risks in the country. We do not rate any bank in Nigeria above the sovereign because of the likely direct and indirect influence sovereign distress would have on the banks’ […]

The naira has been steady against the dollar on the interbank market, following the sales of dollar by two major energy companies. The local currency closed at N164.95 to the United States currency on Tuesday, the same level it closed on Friday. According to Reuters, the Nigerian unit of ExxonMobil […]

Nigeria’s foreign exchange reserves dropped 5.76 percent month-on-month to $37.80 billion as of March 28, the latest central bank data showed on Monday. The reserves held by Africa’s top oil exporter stood at $40.11 billion on Feb. 28. They have fallen 22.17 percent since this time last year, when they […]