Twenty-three Nigerian states grew bilateral loans by 64.26 per cent in six months to $462.81m as of the end of June.
Most of the loans were taken from China, India, France and other countries.
The Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market.
The external debt data from the Debt Management Office, shows that 23 states increased their borrowing from China (Exim Bank of China), India, France (Agence Francaise Development), Japan International Cooperation Agency, and Germany (Kreditanstalt Fur Wiederaufbua).