‘Moody’s does not understand Nigeria’s economy’, Finance minister faults rating

The Federal Government has criticised the international rating agency, Moody’s, stating that the agency doesn’t have an understanding of Nigeria’s economy.

Ripples Nigeria had reported that Moody’s downgraded Nigeria’s credit rating from B1 to Caa1 during the week. The rating company also did the same for nine Nigerian banks.

Moody’s listed Guaranty Trust Bank (GTBank), Sterling Bank Plc, Fidelity Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, Zenith Bank Plc, First City Monument Bank Limited, and Access Bank Plc.