On Monday, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, voiced concerns over the escalating global public debt, particularly in developing nations, during the opening of the World Bank\/IMF\/WAIFEM regional training on Medium-term Debt Strategy (MTDS).<\/p>\n
Cardoso noted that Nigeria faces moderate overall risk of sovereign stress but emphasized that the country’s sovereign profile remains stable despite near-term risks attributed to unfavorable global market conditions and increased debt burden post-COVID-19 pandemic.<\/p>\n
He highlighted that slow economic growth, elevated borrowing costs, constrained liquidity, and eroded reserves have compounded Nigeria’s economic challenges.<\/p>\n
Cardoso pointed out that the current economic strain, aggravated by geopolitical conflicts and natural disasters, poses a threat to macroeconomic stability and financial recovery in the sub-region.<\/p>\n
Moreover, he stressed the importance of diversifying financing sources, including issuing sovereign bonds and borrowing within domestic markets, to mitigate vulnerabilities associated with external borrowing.<\/p>\n
In a bid to address concerns and uncertainties surrounding import duty assessment levies applied by the Nigeria Customs Service (NCS), the CBN adjusted the foreign exchange (FX) rate on Customs import duties.<\/p>\n
The FX rate on Customs import duties has been revised to N1,544.081 to a dollar from N1,630.159 to a dollar, representing a 5.3% reduction.<\/p>\n
This adjustment aims to provide importers with a more predictable and stable import regime, thereby enabling effective planning and reducing uncertainties in determining revenue and cost structures.<\/p>\n
The CBN reiterated its commitment to ensuring stability in the FX market and fostering market confidence necessary for economic growth and development.<\/p>\n
In conclusion, while acknowledging the challenges posed by rising global debt, the CBN remains proactive in implementing measures to mitigate risks and promote economic stability in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
On Monday, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, voiced concerns over the escalating global public debt, particularly in developing nations, during the opening of the World Bank\/IMF\/WAIFEM regional training on Medium-term Debt Strategy (MTDS). Cardoso noted that Nigeria faces moderate overall risk of sovereign stress but emphasized that the country’s sovereign […]<\/p>\n","protected":false},"author":3,"featured_media":3665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[37,35],"tags":[],"class_list":["post-4073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/4073"}],"collection":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/comments?post=4073"}],"version-history":[{"count":1,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/4073\/revisions"}],"predecessor-version":[{"id":4076,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/4073\/revisions\/4076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media\/3665"}],"wp:attachment":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media?parent=4073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/categories?post=4073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/tags?post=4073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}