Nigeria’s $5 billion swap: What it is, what it costs, and what Abuja isn’t saying

A BusinessDay report on August 24 raised questions about Nigeria's $5 billion Total Return Swap (TRS) approved by the National Assembly on March 31, 2026. The facility is being drawn in tranches, and Dele Oye, chairman of the Alliance for Economic Research and Ethics Ltd/GTE, has called for more transparency from the government. The report highlights concerns about the costs and terms of the swap.

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