Finance Minister 'surprised' as Moody’s downgrades nine Nigerian banks

Nigeria’s Minister of Finance, Zainab Ahmed, on Thursday disagreed with ratings agency Moody’s downgrade of Nigeria’s sovereign rating to Caa1 from B3.

“But these are external rating agencies that don’t have the full understanding of what is happening in our domestic environment.”“S&P’s assessment is not the same as Moody’s. They have come out with a much better assessment,” Mrs Ahmed said. The latest sovereign rating echoes the one by Fitch in November, which similarly lowered Nigeria’s rating by one level at B-, placing it six notches above default and on par with Angola and Ecuador.Meanwhile, Moody’s Investors Service on Wednesday lowered the long-term deposit ratings of nine Nigerian banks to Caa1 from B3 days after a

Nigeria’s government Eurobonds had been dumped at the fastest rate in three months by investors following the downgrade, pushing the country’sThe lenders affected by the latest downgrade include Access Bank, Guaranty Trust Bank, Sterling Bank, Fidelity Bank, First Bank of Nigeria Limited, Zenith Bank, First City Monument Bank, Union Bank and United Bank for Africa.

Just listen to this nonsense this woman is saying 😴 'You presented all the work y'all have been doing' They rated it and you are disagreeing Is it not your work done they rated you this clueless woman?! They rated what you submitted!

The Government of the last 7+ years has only been surprised, shocked or disagreed with reality.

The Nigerian banks don't even care as long as they keep laundering funds for politicians and stealing customer deposits in the name 'bank charges'. Those are the only things keeping most of them in business.

NaijaFlyingDr Nothing should be surprising here

What exactly is surprised about? She was at the centre of the downfall of our economy. She could have been the guardrail but she refused to be and she gave the excuse of not ever standing in the way of the president’s desires and request. Now see where we are.

Disagreed and surprised? Anyway, she was surprised because she’s got no standard! No benchmarks! Nigeria banking system is corrupt and broken! Customer service is zero! IT system is flawed!

What are his criteria for down grading them?

E shock you?

Why are you surprised? It is a ploy! Remember Ghana? This is how it started. Manipulating data to arrive at a predetermined destination.

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