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LequteMan
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Ratings Agency Fitch has revised Nigeria's outlook to negative from stable over concerns that a lack of foreign exchange will hamper the economy.
“Access to foreign exchange will remain severely restricted until the Central Bank of Nigeria can establish the credibility of the interbank foreign exchange market and bring down the spread between the official rate and the parallel market rates,” Fitch said.
It also gave Nigeria a rating of B+, four steps below investment grade.
While Nigeria’s economy will probably grow at 1.5 percent this year, after contracting by an estimated 1.5 percent in 2016, the non-oil sector will continue to be constrained by foreign currency shortages, Fitch said.
“Access to foreign exchange will remain severely restricted until the Central Bank of Nigeria can establish the credibility of the interbank foreign exchange market and bring down the spread between the official rate and the parallel market rates,” Fitch said.
It also gave Nigeria a rating of B+, four steps below investment grade.
While Nigeria’s economy will probably grow at 1.5 percent this year, after contracting by an estimated 1.5 percent in 2016, the non-oil sector will continue to be constrained by foreign currency shortages, Fitch said.
