Global ratings agency S&P Global Ratings has upgraded Nigeria’s long-term foreign and local currency credit ratings from ‘B-’ to ‘B’, citing improvements in foreign exchange liquidity, fiscal revenues, and external reserves driven by ongoing economic reforms.
The agency attributed the positive outlook largely to structural reforms introduced under the leadership of Central Bank of Nigeria Governor, Olayemi Cardoso, particularly the liberalisation of the foreign exchange market and efforts aimed at restoring investor confidence.
S&P highlighted significant gains in FX market liquidity, noting that average monthly FX turnover rose to $8.6 billion in 2025, while April 2026 alone recorded approximately $10 billion in market activity.
The report also noted that Nigeria’s external reserves increased from about $33 billion in 2023 to $50 billion by March 2026, supported by stronger current account balances, reduced import pressures, subsidy reforms, and expanding domestic refining capacity.
According to the agency, the reforms are expected to support economic stability, moderate inflation, improve government revenues, and strengthen Nigeria’s overall credit profile over the medium term.
