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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Redesigned Currency: Buhari worried over long queues in banks - Finance Minister, AhmedMinister of Finance, Budget and National Planning, Zaniab Ahmed has said President, Muhammadu Buhari and the Federal Government share in the pain Should I say it shall not be well with that your mouth ? If Nigerians fail to stop Emefiele and Buhari govt they will stop Nigeria by force. Kodeni ye gbogbo yi baye! Madam I disagree everything happened under his watch and the CBN governor keep telling us he has his to put us in this suffer
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Buhari inaugurates ministry of finance board, councilThe President, Major General Muhammadu Buhari (retd.), on Wednesday, inaugurated the Governing Council, Board of Directors and the Executive Management Team of the Ministry of Finance Incorporated, at the council chambers of the State House, Abuja.
Source: MobilePunch - 🏆 8. / 63 Read more »

Buhari urges finance board to target N100tn asset - Punch NewspapersThe President, Major General Muhammadu Buhari (retd.), on Wednesday, urged the Ministry To target N100trn.Which will still go for debts servicing.Which borrowing does not have measure.
Source: MobilePunch - 🏆 8. / 63 Read more »

President Buhari Inaugurates Governing Council For Finance Ministry Incorporated, Says He Will Head Council | Sahara ReportersPresident Muhammadu Buhari has charged the newly inaugurated Governing Council and Board of Directors, to grow the assets of the Ministry of Finance Incorporated (MOFI) under management from the current value of N18 trillion to at least N100 trillion in the next 10 years. The president, who gave the charge while inaugurating the Governing Council and Board of Directors, said his administration is restructuring the MOFI to operate in line with global best practices, as a trusted custodian and manager of Nigerian government investments and assets. Just like the oil sector..disastrous. Finance ministry that's confused already, and Buhari that's heading the oil sector that has crumbled still wants to head finance council. Chaii 'wahala wahala wahala' in Portables voice How confused can the man that recommended cow rearing for economic growth be!!! nigeria confusedleaders
Source: SaharaReporters - 🏆 9. / 63 Read more »