Nigeria Lawmakers Agrees to Convert $49 Billion of Loans From Central Bank to Bonds

Posted on 05/03/2023

Nigerian lawmakers approved Nigeria President Muhammadu Buhari’s request to convert 22.7 trillion naira (US$ 49 billion) loans from the central bank into bonds that will be repaid over several decades. The approval from the Senate is expected to push Nigeria’s debt-to-gross domestic product ratio near the 40% limit set by the government. “The advances were…

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