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Bond Market News
Nigeria Upgraded to B by Fitch
April 14, 2025
Nigeria was upgraded by a notch to B from B- by Fitch. The upgrade reflects confidence in the government’s commitment to recent economic reforms, including exchange rate liberalization, monetary tightening, ending deficit monetization, and removing fuel subsidies. These reforms have improved policy credibility, reduced economic distortions, and enhanced macroeconomic stability despite ongoing challenges. Formalizing FX activity and tightening monetary policy have increased FX liquidity and stabilized the market, after a 40% depreciation in 2024. The Central Bank of Nigeria raised the policy rate to 27.5% tightening its monetary policy. According to Fitch, inflation in Nigeria is expected to remain high, averaging 22% in 2025 and 20% in 2026 with no anticipation of premature policy easing.
Nigeria’s dollar bonds traded weaker with its 6.5% 2027s at 90.3, yielding 10.87%.
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