S&P downgrades Nigeria’s credit rating on foreign exchange reserves

International credit rating agency, Standard & Poor’s (S&P), announced on Monday it had lowered Nigeria’s credit rating to “negative” from “stable” due to its declining foreign exchange reserves.

Foreign-exchange reserve levels have fallen from $45 billion at mid-year 2019 to $38 billion at end-2019 and $36.5 billion in February 2020.

With S&P’s outlook change, all three international rating agencies now have a “negative” outlook on Nigeria’s sovereign credit rating.

More details later………