Amidst rising macroeconomic pressures, Moody’s Investors Service has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings to B3 from B2.
The global rating agency also placed Africa’s largest economy by gross domestic product rating on review for downgrade, according to a rating note.

The Nigeria Inter-Bank Settlement System (NIBSS) has said, mobile device transfers by banks’ customers in Nigeria rose to N12.8 trillion between January and September of this year.
The value of transactions recorded in the first three quarters is well more than the N8 trillion recorded for the entire year 2021. This shows a steep increase in the use of mobile phones for financial transactions.

Nigeria is expected to get about $70 billion of the $1 trillion climate change investment opportunity slated for Africa, the International Finance Corporation (IFC), a division of the World Bank Group has said.
The implication is that Nigeria will be getting seven per cent of the total investment coming to Africa.

The Nigerian naira depreciates by 29 kobo from N441.38 to N441.67 per the United States dollar at the Investors’ and Exporters’ foreign exchange window as demand pressures persist.
Analysts told MarketForces Africa that the exchange rate at the Investors window will worsen further as year-end imports by manufacturers and other corporates begin to gather momentum.
Last week, there was a noticeable decline in the gross external reserves, according to data from the Central Bank of Nigeria.

There were huge scenes of jubilation among affected host communities following the Federal Government’s order for the immediate reopening of the Dangote Cement Plc plant at Obajana in Kogi State.
Members of the host communities from Iwaa, Oyo, Obajana, and Apata who spoke to newsmen said they could now heave a sigh of relief as the consequences of shutting down the factory were better imagined than described, a situation which was worsened with the recent ASUU strike that kept students at home across the country.

Fidelity Bank sent $421 million to settle a Eurobond due today, even as Nigeria continue to grapples with a growing scarcity of foreign exchange.

Exports from Nigeria’s Forcados crude oil terminal will resume by the end of the month, Shell’s local subsidiary SPDC said yesterday.
Crude loadings from the terminal have been stopped since mid-July when a leak was discovered at a single point mooring. The company said on Oct. 4 that the operations would resume in the second half of the month.
“In addition to the repairs, we are working to remove and clamp theft points on the onshore pipelines to ensure full crude oil receipt at the terminal,” SPDC said in a statement.