Moody’s upgrades Nigeria’s outlook to positive amid stronger reserves

Moody’s has revised Nigeria’s sovereign outlook to “positive” from “stable”, citing stronger foreign exchange reserves and better-than-expected economic growth as factors improving the country’s ability to withstand external shocks. Reuters reported on Friday that the ratings agency, however, affirmed Nigeria’s long-term foreign-currency rating at B3, reflecting continued fiscal pressures from the country’s limited revenue-generating capacity […]