S & P downgrades Nigeria’s credit outlook to negative from B+

Nigeria’s credit rating took a nose-dive Friday when Standard & Poor’s (S&P) revised the country’s sovereign credit outlook down to negative from stable. Its rating before the current revision was B+
The rating agency observed that Nigeria’s foreign exchange policy was creating dislocations in product and financial markets.
“Nigeria’s monetary policy has also weakened the country’s credit profile,” the agency is quoted as saying.
Financial experts have noted that the negative outlook reflects possibility of downgrade in coming 12 months, if there is deterioration of the country’s fiscal or external accounts.
S&P noted that the decline in oil prices has hurt Nigeria’s economy.

 

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