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Economy in Nigeria: currency requirements remain high

21/08/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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(Afreximbank) provided $3 billion in foreign exchange resources in the form of a loan to the national company

La Banque africaine d' import-export ( Nigerian oil company. But this intervention to support reserves is proving insufficient, as foreign exchange requirements remain high.

Pour rassurer les créanciers ayant investi dans des eurobonds émis par le pays sur le marché international des capitaux, les 3 milliards $ de ressources en devises fournis par la Banque africaine d' import-export (Afreximbank) in the form of a loan to the Nigeria's national oil company does not seem to be enough. Indeed, Afreximbank's intervention aims to strengthen reserves. However, although the national oil holding, a key player in the Nigerian oil sector, is the main beneficiary, a portion of these resources will be directed to the public treasury accounts. The government's foreign exchange requirements remain considerable, both for direct spending and for public procurement.

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