Nigeria’s borrowing plans may falter as investors dump emerging market bonds

Nigeria’s borrowing plans may falter as investors dump emerging market bonds

Twenty years ago, a dangerous cocktail of debt accumulated in foreign money and deteriorating exchange rates led emerging markets like Nigeria into financial meltdown. In the aftermath, countries such as Nigeria sought debt relief deals, vowing to repent of the “original sin” of borrowing huge sums in non-domestic currencies. Major emerging markets went from having…

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