Nigeria

Fitch Ratings has downgraded Nigeria's Long-term foreign currency Issuer Default Rating (IDR) to 'B+' from 'BB-' and Long-term local currency IDR to 'BB-' from 'BB'. The Outlooks are Stable. The issue ratings on Nigeria's senior unsecured foreign-currency bonds have also been downgraded to 'B+' from 'BB-'. The Country Ceiling has been revised down to 'B+' from 'BB-' and the Short-Term Foreign-Currency IDR affirmed at 'B'.

Nigeria's central bank left its Monetary Policy Rate (MPR) steady at 14.0 percent and said it was still committed to lowering the rate but right now a "rate cut would worsen the inflationary conditions and undermine the current outlook for stability in the foreign exchange market."

Contrary to the World Bank’s projection of a 1% growth in Nigeria’s economy in 2017, the International Monetary Fund (IMF) in its World Economic Outlook report, predicts that the country’s GDP will only grow by 0.8% this year and 2.3% in 2018.

The Central Bank of Nigeria (CBN) has barred deposit money banks and all other financial institutions from the operation of any form of virtual currency including Bitcoin. According Mr Kelvin Amugo, Director, Financial Policy and Regulation department, CBN, the ban was necessitated by money laundering and terrorism financing risks inherent in operations of virtual currencies.