Fitch Ratings has revised the Outlook on Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the rating at 'B+'.

In a letter sent to all banks, and for the second time in three months, the central bank of Nigeria said each bank must attain a new minimum ratio by December 31, 2019.

The Nigerian banking sector's high stock of bad loans continues to weigh on banks' credit profiles, and asset quality remains a key sensitivity for all Nigerian banks, Fitch Ratings says in a new report. Operating conditions have eased but we do not expect asset quality to improve significantly this year as banks continue to deal with impaired and other problem loans. We believe new regulation to encourage lending could lead to weaker asset quality and erode capital.

Groupe Renault and Coscharis Group mark today the start of a strong cooperation including production and distribution of vehicles in Nigeria.