Developments in Nigeria's External Sector during the Second Quarter of 1986

Authors

Central Bank of Nigeria CBN, Central Bank of Nigeria

Publisher

Central Bank of Nigeria

Keywords

External Sector, Nigeria, Second Quarter

Abstract

Developments in Nigeria's external sector during the second quarter of 1986 continued to be a cause of concern. The foreign exchange position worsened compared with the preceding quarter's as the price of crude petroleum - Nigeria's major foreign exchange earner - fell farther in the world oil market. Faced with dwindling foreign exchange resources and increasing inability to meet current commitments, a formal approach was made to Nigeria's external creditors late in March to reschedule part of the long and medium term debt falling due for payment. Although no agreement was reached, the commercial banks grouped under the London Club granted Nigeria a 90-day moratorium on debt service with effect from April l, 1986.

Author Bio

The authors are staff of the Balance of Payments Office, International Finance Division, Research Department of the Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review

Issue

2

Volume

24

Recommended Citation

Central Bank of Nigeria (1986). Developments in Nigeria's External Sector during the Second Quarter of 1986. CBN Economic and Financial Review. 24(2), 1-3.