IMF Approves Nigeria's Financial Performance

Nigeria fulfilling its financial obligations IMF says

The financial position report for Nigeria as of April 30, 2024, has been made public by the International Monetary Fund, or IMF.

This data is based on the most recent information that was posted on the IMF website on Monday, June 3.

According to the study, Nigeria has been fulfilling its financial responsibilities to the IMF, as evidenced by the fact that it has no past-due payments.

In accordance with Article XIV, which outlines the country's membership status and responsibilities, Nigeria joined the IMF in March 1961.

SDR 175.47 million, or 7.15 percent of its quota, is the amount of money Nigeria has available for immediate use, or the reserve tranche position.

The IMF uses Special Drawing Rights, or SDRs, as an international reserve asset. Although they are based on a basket of currencies, such as the US dollar, euro, Chinese yuan, Japanese yen, and British pound sterling, they are not a currency in and of itself. During hard times, this system enables nations to borrow money from the IMF.

SDR 1,534.06 million, or 62.5 percent of its quota, in outstanding purchases and loans, including emergency assistance, are owed by Nigeria.

The country's dedication to fulfilling its financial obligations is shown by the report, which highlights that it has no past-due liabilities to the IMF.

“The country's membership status, quota, and reserve tranche position highlight its financial commitment to the IMF, while the use of Special Drawing Rights facilitates borrowing and financial assistance,” the Fund said.