Assessing FX reforms, policies aiding S&P’s positive outlook rating for Nigeria

The Central Bank of Nigeria (CBN’s) decision to embark on currency reforms- unifying multiple exchange rates and subsequent removal of FX trading restrictions are gaining positive feedbacks from global rating agencies. The latest applause came from S&P Global Ratings, which at the weekend revised its outlook on Nigeria to "positive" from "stable", while affirming "B-/B" rating for the country. The agency is confident that Nigeria’s monetary, economic, and fiscal reforms will continually spur growth and sustain foreign capital inflows to the