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Rating Upgraded, Stable Outlook: The rating upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023. These have improved policy coherence and credibility and reduced distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks. The Stable Outlook reflects ���������ֳ�’ expectation that the current policy stance will sustain improvements in the functioning of the FX market and support the move to lower inflation. Exchange-Rate Reforms, Higher Inflows: Greater formalisation of FX activity including the Central Bank of Nigeria’s (CBN) recent introduction of an electronic FX-matching platform and a new FX code to enhance transparency and efficiency, along with monetary policy tightening, has led to a greater rise in FX liquidity and general stability in the FX market after a 40% depreciation in 2024.

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