On Friday 27th January 2023, global credit rating agency, Moody’s Investors Service (Moody’s) downgraded Nigeria’s Medium and Long-term Foreign Currency (FC) and Local Currency (LC) issuer ratings deeper into the junk category with ratings of “Caa1” and “B3”, respectively from “B3" and "B2”.

The latest downgrade is coming barely four months after Moody’s downgraded Nigeria’s FC and LC issuer ratings which were “B2” and “B1” respectively, before October 2022, due to deteriorating fiscal fundamentals and her failure to optimise the gains from the oil price rally in the year.