Moody's Investors Service ("Moody's") has today downgraded the Government of Nigeria's long-term foreign-currency and local-currency issuer ratings as well as its foreign currency senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable. Moody's has also downgraded Nigeria's foreign currency senior unsecured MTN program rating to (P)Caa1 from (P)B3.
The Monetary Policy Committee of the Central Bank of Nigeria (CBN), in its last meeting for the year, has voted to increase the benchmark interest rate (MPR) by 100 basis points to 16.5%, its highest level since 2001.
Nigeria has maintained its position as Africa’s third-largest crude oil producer for October 2022.
Nigeria’s inflation rate accelerated to a new 17-year high of 21.09% in October 2022, marking a 0.32% points increase from 20.77% recorded in September.
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