Moody’s downgrade of 9 Nigerian banks surprising development — Finance Minister

Amidst the money crisis rocking the financial system, the Minister of Finance, Budget and National Planning, Zainab Ahmed has expressed shock over the negative rating slammed on nine banks in Nigeria.

Recall that the latest Moody’s report on Nigeria downgraded the long-term issuer rating of the Government of Nigeria to Caa1 from B3, and changed the outlook to stable, on January 27th, 2023.

She said it came as a surprise to her despite the fact that her ministry had presented all of the work they have been doing in stabilizing the economy.

“Let me say that Moody’s report or downgrade came as a surprise to us.

“But it is an external rating agency that doesn’t have the real understanding of what has happened in the domestic environment”

DAILY POST had reported how the international rating agency, Moody’s Investors Service, downgraded nine Nigerian banks, following its downward review of Nigeria’s rating last week.

The affected banks include Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Limited, and Sterling Bank Plc.

She admonished Nigerians to look forward to the S&P rating due for release in a few days, stressing that “ it is expected to present a better outlook for Nigeria”

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