Nigeria's Economic Reforms Bring Improved Growth Outlook But Spark Backlash Over Rising Prices
• Moody's upgraded Nigeria's outlook to positive from stable due to potential improvement in fiscal and external position from reform efforts
• Rating agency affirmed Nigeria's "Caa1" long-term foreign and local currency issuer ratings
• President Bola Tinubu seeking to boost growth and investment after taking charge, with reforms like scrapping fuel subsidy, removing exchange controls, ending import ban
• Reforms welcomed by investors but criticized by unions for leading to soaring costs amid double-digit inflation
• Central Bank clearing $7 billion in outstanding foreign currency forwards to attract new dollar inflows and stabilize naira