40 per cent of foreign credits in Nigeria’s economy dangerous

Moses Emorinken, Abuja

The Central Bank of Nigeria (CBN) has revealed that 40 per cent of the total credits available in the economy, especially in the capital and money markets are from foreign holdings.

This, according to the apex bank, puts the economy in a very precarious position.

It said any withdrawal of such funds could potentially wreak havoc on our economy.

The Deputy Director of Financial Policy and Regulation Department of the CBN, Mr. Hassan Mahmoud, made this known during a workshop for business editors and correspondents organised by the Nigeria Deposit Insurance Corporation (NDIC) on Tuesday in Yola, Adamawa State.

He explained that the volume of foreign portfolio investments in the money market was well over $20 billion.

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Mahmoud said, “Of the total activities in the capital market, 40 per cent of them are from foreign holdings. Even in our money market too, substantial part of the foreign portfolio…

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