Nigeria’s FX reserves receives $200m boost from P&ID Case

nigeria FX reserves get boost as country gets $200m from P&ID case

The foreign reserves of Nigeria received a boost of $200 million on Tuesday following a ruling in favour of the country by a Commercial Court in England in respect of the lingering court case with Process and Industrial Developments (P&ID). The court ordered the release of the $200 million guarantee put in place as security regarding the execution of the much-discredited $10 billion arbitral claims between the country and P&ID. The Central Bank of Nigeria (CBN), in an announcement Tuesday, said the country has received the money, which is expected…

Read more