Standard & Poors, S & P the rating agency put the outlook on Nigeria’s debt on credit watch Friday, the same day it was meant to have published its review of the country’s credit rating currently at BB-.
S & P said the delay in releasing the rating review followed an unusual action of Nigeria to lodge an appeal of the rating decision of S & P following a three month review adding that it had determined that the conditions for making such an appeal had been met in accordance with its policies and procedures.
Nigeria’s ranking in the eyes of foreign investors shook recently following the controversial decision of President Goodluck Jonathan to remove the radical governor of the Central Bank, Sanusi Lamido Sanusi who is hailed abroad for his firm action in helping to restore credibility of Nigeria’s banking system.
The government accused Sanusi of gross misconduct but the former central bank chief has since dismissed the allegations and many link his removal with the claims he made about missing oil billions.
