96% of Nigeria's $34.7Bn External Reserves are made of foreign debt
Foreign debt accounts for more than 95% of Nigeriaâs external reserves after falling behind $35 billion mark due to lack of external inflows arising from weak foreign investors sentiment analysts said in a report. While foreign debts level has increased further as a result of pandemic-induced fiscal stress, the Nigerian external reserve has plunged strongly to $34.7 billion as of May 2021 compared with $33.348 billion external debts. Tumbling gross foreign reserve has however weakened the Nigerian central bank market intervention amidst scarcity of foreign currencies inflow into the econ...
Source: naija247news.com