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_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"none","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"both","_seopress_redirections_param":"","_seopress_redirections_type":301,"_seopress_analysis_target_kw":"","jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"0","show_post_date":"1","post_date_format":"ago","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"37","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"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","targetHints":{"allow":["GET"]}}],"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}]}}