Fitch Ratings signals downgrade of Nigeria’s sovereign rating
By Babajide Komolafe Fitch Ratings, Tuesday, said it may downgrade Nigeria’s sovereign rating to ‘Negative’ from ‘B+’ if ongoing efforts to defend the naira eats heavily into the nation’s external reserves in the face of a sustained decline in crude oil price. The nation’s external reserves fell by 19.7 percent to $36.2 billion on Monday
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