Debt servicing may have been responsible for the drop in Nigeria’s foreign reserves from $34.45 billion to $32.61 billion within one month. Speaking at the ongoing Springs meeting of the World Bank Group and International Monetary Fund (IMF) in Washington, the United States, the governor of the Central Bank of Nigeria, Yemi Cardoso said some obligations required settlement which was done to maintain the integrity of Nigeria within the global financial space....CONTINUE READING
About $1.8 billion was spent from the foreign reserves within the period.
“In the last month, there were debts that were due and certain payments needed to be made,” Cardoso said.
“They were made because that is also part of keeping your credibility intact. And other times, money comes in.”
Dispelling any apprehension, Cardoso stressed that just as money is going out money is also coming into the foreign reserves, saying that the country recorded an inflow of about 600 million dollars.
“I think between yesterday and today, we had about 600 million US that came into the reserves. But I would not let people get too excited about this.”
