Nigeria Must Solve Forex Shortage to Improve Rating, Fitch Says
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Nigeria needs to solve an acute shortage of foreign currency that is slowing economic growth if Africa’s most-populous country wants to improve its sovereign rating after being downgraded deeper into junk last week, Fitch Ratings said.
The firm downgraded Nigeria by one level to B-, six notches above default and on par with Ecuador and Angola, citing government debt-service costs, worsening external liquidity, low oil production and the expensive subsidy on imported gasoline.