Central Bank of Nigeria
External Sector, Nigeria, Second Quarter
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.
CBN Economic and Financial Review
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.