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S&P Global Ratings raised Nigeria’s long-term sovereign credit rating to ‘B’ from ‘B-‘, citing three years of sustained structural adjustments. The American ratings agency affirmed the short-term outlook as stable. This decision follows similar upward revisions by Fitch Ratings and Moody’s Investors Service, signaling a broader recovery of international confidence in the management of the…
The naira maintains its fragile grip on the 1,370 mark against the American dollar as trading opens this Thursday. Market data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) shows the local currency starting the day at 1370.05. This slight shift follows a week of incremental movements that suggest a cooling of the recent frantic…
Global oil markets recorded sharp gains on Monday following the collapse of planned peace negotiations between the United States and Iran, prolonging an eight-week military standoff that continues to disrupt international shipping. US President Donald Trump abruptly cancelled a scheduled diplomatic mission to Pakistan over the weekend, citing a lack of substantial progress, while…
Nigeria’s foreign exchange market opened the week on a mixed note as the naira strengthened marginally in the parallel market but weakened at the official window, highlighting persistent liquidity pressures and uneven supply dynamics. Latest figures show the naira appreciated to N1,387 per dollar in the parallel market, improving slightly from N1,389 per dollar…
Nigeria’s fiscal prospects have brightened as the price of its premium crude grades, Brass River and Qua Iboe, soared to $113 per barrel on Thursday. This valuation places Nigerian oil significantly above the international Brent benchmark, which currently trades at $96 per barrel. The surge coincides with a jump in domestic production, which has reached…
The total amount of foreign exchange (FX) that streamed into the Nigerian economy skyrocketed by 64% to $30.18billion in the third quarter (Q3) of 2021 compared to the $18.4billion recorded in the previous quarter. This is about the data of the statistical bulletin for Q3 2021, from the Central Bank of Nigeria (CBN). The FX…
