Moody's Ratings has upgraded Nigeria's outlook from 'stable' to 'positive', affirming the country's B3 long-term foreign and local currency issuer ratings. The upgrade is attributed to a stronger external position, robust current account surpluses, and better-than-expected economic growth. This follows FTSE Russell's confirmation of Nigeria's return to the Frontier Market classification. The positive news led to a N1.38 trillion surge in the Nigerian equities market's capitalisation, while external reserves rose to $53.30 billion as of August 26, 2026, an increase of $1.28 billion in one year.
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