Nigeria’s credit rating was upgraded to B by Fitch Ratings, remaining in the speculative-grade category. According to Bloomberg, Fitch citied improved policy credibility and reduced near-term risks to macroeconomic stability as justification for the imrpovement. ‘The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including …

Fitch Ratings has revised the outlook on Fidelity Bank PLC’s LongTerm Issuer Default Rating (IDR) to Positive from Stable, while affirming the rating at ‘B-‘. The credit rating agency has also affirmed Fidelity Bank’s National Long-Term Rating at ‘A(nga)’ with a Stable Outlook. According to a statement by Fidelity Bank on Monday, Fitch said in its own statement last Friday …

The global credit ratings agency, Fitch, has projected Nigeria’s external debt servicing to rise by $400 million to $5.2 billion next year. This is despite insistence by the current administration to focus more on domestic borrowings from the capital market. It also estimated that approximately 30 per cent of Nigeria’s external reserves are constituted by foreign exchange bank swaps. This …