She went on to say that the CBN Official Exchange Rate of US$1/N306 as at December 31, 2017 and US$1/ N307.00 as at December 31, 2018 were used for the exchange of external debt stock to Nigerian currency.
According to the DMO boss, N331.12billion promissory notes issued to oil marketing companies and state governments in December 2018 are part of the government’s domestic debt stock.
She revealed that the country’s Debt Management Strategy, which had some targets set, had been almost achieved. This includes the plan to achieve a tenor of 75:25 ratio and that the target had been passed because the country now had a 78:22 ratio in favour of long term debts.
She said: “The share of domestic debt dropped to 68.18 per cent from 73.36 per cent as of December 31, 2017, thereby achieving a mix of 68.18 per cent and 31.82 per cent in the debt stock.
“Some of the objectives were to create more space for other borrowers in the domestic market, extend the average tenor of the debt stock in order to reduce refinancing risk and increase external reserves.
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