Nigeria

The Federal government has announced the offering of US$2.5 billion aggregate principal amount of dual series notes under its Global Medium Term Note Programme.

The January inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.13 per cent from 15.37 per cent recorded in December last year, the National Bureau of Statistics (NBS) said yesterday in Abuja.

Nigeria's central bank left its monetary policy rate (MPR) at 14.0 percent, as expected, saying a loosening of policy now would boost growth and demand but also aggravate the upward trend in consumer prices and generate pressure on the exchange rate, ultimately leading to a deterioration in the current account balance though higher imports.

Moody's Investors Service has today downgraded the Government of Nigeria's long-term issuer and senior unsecured debt rating to B2 from B1 and the senior unsecured MTN program rating and the provisional senior unsecured debt rating to (P)B2 from (P)B1. The rating outlook remains stable.