S&P revises Nigeria to negative

Standard & Poor's said it revised its outlook on the Federal Republic of Nigeria to negative from stable and affirmed its B+/B long- and short-term foreign and local currency sovereign credit ratings.

At the same time, the agency affirmed its long-term national scale rating on Nigeria at ngA and short-term national scale rating at ngA-1.

S&P said the outlook revision reflects the negative effects on Nigeria's economy of the continued fall in oil prices since the last review of Nigeria in September 2015; the agency since revised down its oil price assumptions for 2016-2019 by about $20 per barrel.

It also reflects Nigeria's foreign exchange policy, which is creating dislocations in product and financial markets, in S&P’s view.

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