Nigeria still has a long way to go in recovering from the slump in foreign exchange inflows into the economy as the country is projected to suffer further decline.
A new report by PWC said the decline in global trade growth may also adversely affect Nigeria's trade balance in addition to FX inflows.
Amidst this worsening dollar crisis, there are fears the worst is yet to come as the PWC report suggests. According to the report, remittance flows to low and middle-income countries are expected to remain resilient but slow to $656 billion , which represents growth of 1.4% by 2023 compared to 8% growth in 2022.
It said,"Since 2007, the FX inflows from autonomous sources exceeded inflows from the CBN. The implication of official interventions may not accurately reflect the market demand and supply dynamics as annual inflows are skewed towards unofficial sources." "Nigeria debt service to revenue ratio increased to 96% in 2022 raising concerns about its widening fiscal deficit, high debt servicing to revenue and rising debt to GDP ratios."
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