Moody’s deals another blow to the Nigerian economy – Jeune Afrique

2023-08-08 17:50:10

Two weeks after the July 26 military coup, clouds are gathering over Niger’s economy. While the sanctions imposed by the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (UEMOA) are beginning to make themselves felt, the rating agency Moody’s Investors Service lowered, on August 4, the the country’s sovereign rating by two notches, taking it from B3 to Caa2.

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This degradation is significant. It indicates that the risk is perceived more acutely, and that investments in the country are considered “highly speculative”, which should lead to an increase in the cost of borrowing for the government nigerian.

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