Fitch upgrades Nigeria on policy reforms

Fitch Ratings has upgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating to ‘B’, from ‘B-’, with a stable outlook.

According to the rating commentary issued late Friday, “The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to…