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S&P affirms Nigeria’s B/B rating with stable outlook

… says flexible FX rate has helped grow non-oil sector

Economy

The global ratings firm S&P has affirmed Nigeria’s ranking of B/B with a stable outlook but it also warns that this rating could be lowered if Nigeria’s foreign exchange reserves were to decline markedly and if the country’s external debt rises faster than first estimated. In a detailed report made available to BusinessDay, S&P said…

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