IMF’s SDR could see 20% rise in Nigeria’s external reserves

Our Reporter Apr 7, 2021

The International Monetary Fund (IMF) expects Nigeria’s economy which has been severely impacted by the COVID-19 pandemic to contract by 3.4 percent in 2020, a 6-percentage point drop compared to pre-COVID-19 projections on the back of plunging oil prices.

The world’s top finance ministers are set to back a new $650bn allocation of the International Monetary Fund’s (IMF) own currency, or special drawing rights (SDRs) which could see Nigeria’s external reserves rising by as much as twenty per cent reports Reuters. Analysts at Citi have calculated the increase will more than double Zambia’s reserves…

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