Daily Archives: November 6, 2023

Fitch applauds Tinubu’s reforms, affirms stable credit ratings, raises concern over $10bn loan

Fitch Ratings has affirmed Nigeria’s long-term foreign currency credit default outlook at B- citing recent policies by President Tinubu as responsible for the stable outlook.
It also raised concerns over the proposed $10 billion forex loan which the government plans to use to offset forex backlogs and inject liquidity into the system.

Forex: Dangote repatriates $687,977m from pan-African operations

Management of Dangote Industries Limited (DIL), have revealed that the company has so far repatriated over $576,008,672.41 through various banks in Nigeria, in addition to a $111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines; thus saving the same amount that would have been paid by the Central Bank of Nigeria (CBN).