The financial rating agency Fitch Ratings a confirmed the issuer's long-term foreign currency default rating (IDR) from Nigeria to “B”, with a stable outlook.

Fitch justifies the rating by a few factors. La Nigeria's “B” rating is supported by the size of its economy, a relatively developed and liquid domestic debt market, significant oil and gas reserves, as well as a monetary policy framework and improved change. However, it is penalized by the weakness of the indicators. governance, a strong dependence on hydrocarbons, high inflation, security problems and structurally very high non-oil revenues weak, although improving.

The formalization of foreign exchange activity has improved the functioning of this market, which has resulted in a greater market liquidity and a relative stability of the naira.

Reforms and greater stability in the rate of exchange rates have supported a trend of disinflation since April 2025, but inflation remains well above that of peers, at 20% in August 2025.

With real policy rates becoming more positive, the cbn a cut the rate by 50 bps, to 27%, in September, the first drop since November 2020.

Foreign exchange reserves reached 42 billion USD at the end of September, and we expect a slight drop to 40 billion USD by the end of 2026, or the equivalent of 5.8 months of current external payments, exceeding the projected median “B” of 4.2 months.

Mso-bidi-language:ar-sa"> fitch ; mso-fareast-font-family:calibri; mso-fareast-theme-font:minor-latin; mso-bidi-font-family: “Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-ansi-language:fr; Mso-fareast-language:en-us; Mso-bidi-language:ar-sa">Expects that the deficit The fiscal budget will increase in 2025-2026, reaching an average of 3.1% of GDP in due to higher expenses, driven by higher salaries, social and security expenses, debt service costs and expenses before the 2027 elections.