Saturday, 17 September 2016

S&P cuts Nigeria credit rating due to oil production drop

Ratings agency Standard & Poor’s cuts Nigeria’s credit rating on Friday, saying the drop in oil production and a restrictive foreign exchange regime was hurting its economic prospects.
In making the downgrade to ‘B/B’, S&P said that Nigeria’s delay in passing an expansionary budget along with taking on more debt had increased its credit risk.
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