Nigeria also promised the IMF not to 'introduce measures or policies that would exacerbate the current balance-of-payments difficulties.'...
Officials of the International Monetary Fund will be allowed access to the most recently completed external audit reports of the Central Bank of Nigeria as part of the conditions for the recent granting of a loan of $3.4 billion to the country.
The letter reads: “Going beyond this year, the government of Nigeria is fully committed to pursuing policies consistent with macroeconomic stability and good governance: “In addition to the external borrowing sought, we are also increasing our domestic borrowing limits in the supplementary budget so that we can make use of our favourable low domestic yields, particularly since the results of the last domestic bond auction show strong demand. The existing stock of overdrafts held at the CBN will also be securitized.
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