Nigeria's central bank governor raises concern over rising global debt impact on Nigeria's high risk of debt distress.
Nigeria's central bank governor, Olayemi Cardoso, has expressed concern over rising global public debt, particularly for developing countries like Nigeria, where high debt levels are exacerbated by limited fiscal space and restricted opportunities for concessional finance. Despite Nigeria's sovereign profile remaining stable, the Central Bank of Nigeria (CBN) has adjusted the foreign exchange rate on Customs import duties and warned about Nigeria's high risk of debt distress due to revenue challenges related to borrowing. The CBN emphasized the importance of effective debt management, revenue generation improvement, and addressing liquidity risks.
March 04, 2024
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