Nigeria’s Public Debt Rises By N24.33trn In 3 Months, Says DMO

Published

6 months ago

June 21, 2024

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Nigeria’s Public Debt Rises By N24.33trn In 3 Months, Says DMO—-The Debt Management Office (DMO) has announced that Nigeria’s total public debt has surged to N121.67 trillion, reflecting a significant increase of N24.33 trillion, or 24.99%, over the past three months.

This updated figure, which was disclosed by the DMO in a statement issued on Thursday in Abuja, contrasts sharply with the N97.34 trillion total debt recorded as of December 2023.

The DMO clarified that the current debt includes both domestic and external obligations of the federal government, the 36 state governments, and the Federal Capital Territory (FCT).

The DMO’s report detailed, “As of March 31, 2024, Nigeria’s total public debt stood at N121.67 trillion (USD91.46 billion). For comparison, the total debt as of December 31, 2023, was N97.34 trillion (USD108.23 billion). The domestic debt amounted to N65.65 trillion (USD46.29 billion), while the external debt was N56.02 trillion (USD42.12 billion).”

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Naira Gains Strength Against Dollar In Parallel Market

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Economy

Naira Appreciates Against Dollar Across Exchange Markets

Published

2 weeks ago

November 27, 2024

thecloudngr

Naira Appreciates Against Dollar Across Exchange Markets—-The Naira witnessed a notable gain in value yesterday, marking a positive shift in Nigeria’s currency exchange rates.

In the parallel market, the Naira strengthened to N1,755 per dollar, an improvement from N1,770 per dollar recorded on Monday.

Similarly, the Nigerian Autonomous Foreign Exchange Market (NAFEM) reported a significant rise, with the exchange rate appreciating to N1,659.44 per dollar, compared to N1,675.62 per dollar earlier in the week.

According to data from FMDQ, the Naira gained N16.18 in the NAFEM market. This improvement was accompanied by a substantial increase in dollar trading activity, with the daily turnover soaring by 219.5% to $425.98 million, up from $108.79 million on Monday.

As a result of these developments, the gap between the parallel market rate and the NAFEM rate narrowed considerably to N95.56 per dollar, down from N117.38 per dollar on Monday. This convergence signals a positive trend in stabilizing exchange rates in Nigeria.

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Economy

Naira Depreciates Again, Trades At N1750/1$ In Parallel Market

Published

3 weeks ago

November 23, 2024

thecloudngr

Naira Depreciates Again, Trades At N1750/1$ In Parallel Market—-The Nigerian currency, Naira, on Friday depreciated to N1,750 per dollar in the parallel market from N1,745 per dollar on Thursday.

But the Naira appreciated to N1,652.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,652.62 per dollar from N1,658.67 per dollar on Thursday, indicating N6.05 appreciation for the naira.

The market recorded an intraday high of N1,703 per dollar and an intraday low of N1,640 per dollar
The volume of dollars traded (turnover) grew by 48.5 percent to $243.05 million from $163.66 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N97.38 per dollar from N86.33 per dollar on Thursday.

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