January 30, 2023/FBNQuest Research The Debt Management Office’s (DMO) most recent quarterly release on public debt shows that the FGN’s total external debt obligations decreased by c.USD403m relative to the prior quarter to USD39.7bn in Q3 ’22. The reduction was due to a USD548m q/q decrease in debt obligations to […]
OPINION/EDITORIAL
Moody’s Investor Service Downgrades Nigeria’s Rating to Caa1 from B3
January 30, 2023/CSL Research Moody’s Investors Service (“Moody’s”) on 27 January 2023 downgraded the Government of Nigeria’s long-term foreign-currency and local-currency issuer ratings as well as its foreign currency senior unsecured debt rating to Caa1 from B3 and changed the outlook to stable. Moody’s also downgraded Nigeria’s foreign currency senior […]
Nigerian Banks Have Sufficient Buffers to Withstand Prevailing Macro Challenges
January 28, 2023/Fitch Ratings Nigerian banks have sufficient capital and liquidity buffers to withstand prevailing macroeconomic challenges, providing headroom at their current rating levels, Fitch Ratings says in a new report. Operating conditions for banks will weaken in 2023 due to high inflation, rising interest rates and US dollar […]
