The Federal Government, yesterday, said that it had issued the $1 billion Eurobond with 800 per cent over-subscription, as foreign investors demanded for $7.8 billion, reflecting investors‘confidence in the nation’s economy.
Nigeria plans to auction 110 billion naira ($360 million) of local currency bonds on Feb. 15, its second debt sale this year, the Debt Management Office said on Wednesday.
Credit rating agency, Standard and Poor’s (S&P) has assigned ‘B’ issue ratings to Nigeria’s proposed Eurobonds, even as the Finance Minister, Mrs Kemi Adeosun, announced yesterday that the country will soon meet investors before the bond sale and also seek a loan from the World Bank when the National Assembly approves this year’s budget.
Nigerian banks are sufficiently well capitalised to absorb the impact of the 40% effective devaluation of the naira against the US dollar seen as of yesterday, the third day of trading under the country's new market-driven exchange-rate policy regime, says Fitch Ratings.
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