Fitch Ratings has downgraded Nigeria's Long-term foreign currency Issuer Default Rating (IDR) to 'B+' from 'BB-' and Long-term local currency IDR to 'BB-' from 'BB'. The Outlooks are Stable. The issue ratings on Nigeria's senior unsecured foreign-currency bonds have also been downgraded to 'B+' from 'BB-'. The Country Ceiling has been revised down to 'B+' from 'BB-' and the Short-Term Foreign-Currency IDR affirmed at 'B'.

The naira plunged against the US dollar on Monday after Nigeria’s government scrapped its fixed exchange rate and allowed market forces to determine the currency’s value.

The value of the Nigerian currency was today devalued to the dollar as the Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime. Under the new plan, the official exchange rate of the naira will exist in a "single flexible window," which will likely be determined by market forces. The announcement end months of speculation about the official value of the Nigerian currency.

Providus Bank Plc has been granted a commercial banking licence with regional authorisation by the Central Bank of Nigeria (CBN). The central bank disclosed this in a circular posted on its website on Tuesday.