Figures from the Debt Management Office show a remarkably high percentage change in debt servicing for the first quarter, 2018. Specifically, the Federal Government paid N643 billion for domestic debt servicing1, a quarter-over-quarter and year-on-year increases of 50 percent (from N429.8 billion) and (from N424 billion) respectively. Increasing debt burdens and debt servicing seem to be exacerbated by the high cost of domestic debt, necessitated by huge domestic borrowings to fund budgets and reflate the economy
Macroeconomic Report & Economic Updates
August 2, 2018
Nigeria Economic Update (Issue 26)
Figures from the Debt Management Office show a remarkably high percentage change in debt servicing for the first quarter, 2018. Specifically, the Federal Government paid N643 billion for domestic debt servicing1, a quarter-over-quarter and year-on-year increases of 50 percent (from N429.8 billion) and (from N424 billion) respectively. Increasing debt burdens and debt servicing seem to […]
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Nigeria Economic Update (Issue 39)
Nigerias
external reserve fell marginally by from $25.36 billion to $25.16 billion.
The decline likely reflects the continued sales of dollar by CBN amid fall in
oil revenue. Similarly, the naira/dollar exchange rate depreciated marginally
by 0.5 percent to N424/$ at the parallel segmentas also seen in
preceding weeks. The continued depreciation likely points to banks low level
compliance to CBNs dollar sales directive made in August, 2016,
thus creating artificial dollar scarcity in the parallel market.