Nigeria’s weak naira has pushed the country’s external debt up by N13.38tn; findings by The PUNCH have shown.
have shown.
The main reason for the wide margin in naira terms is the naira devaluation, which was triggered by the move by the Central Bank of Nigeria to unify the nation’s foreign exchange rates. It said, “The Central Bank of Nigeria wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange Market: Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters window.”
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