- Standards and Poor’s Services affirmed Federal Republic of Nigeria’s long- and short-term foreign and local currency sovereign credit ratings at ‘B+’, as a result of lower government and external debt and ample oil reserves.
- According to S&P, the outlook on Nigeria is “stable”, reflecting its view that Nigeria’s non-oil economy will continue to support growth in its gross domestic product.
- Meanwhile, the Nigeria’s interbank money market on Friday, September 18, halted trading for the fourth consecutive day as commercial lenders made provision to pay for N45 billion of bonds auctioned on Wednesday, draining cash from the banking system.
A dealer told Reuters”“All we have is indicative quotes of between 15-20 percent for Open Buy-Back (OBB) and overnight lending, no trading is taking place for now.”
- Nigeria sold the naira-denominated bonds maturing in 2020 and 2034 at an auction on Wednesday, and payment was due to be effected yesterday. There were some deals done at 15 percent on overnight placement late on Thursday, traders said.
S&P Maintains Nigeria’s Rating At B+ With Stable Outlook
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