Nigeria's Finance Minister Wale Edun has announced the launch of a $500 million dollar-denominated bond on the local market, targeting domestic and foreign investors.
This initiative aims to stabilise the naira by attracting dollars from Nigerians abroad and international investors who support President Bola Tinubu's reforms. The bond, issued locally but denominated in U.S. dollars, is part of broader efforts to improve government revenue and manage inflation, which recently saw a slight decrease.
Nigeria's Finance Minister Wale Edun launched the bond, stating, "This historic initiative is aimed at raising a minimum of $500 million from local and international investors, marking a significant step in Nigeria's ongoing economic reform and development efforts."
While the bond's duration and sale closure details remain undisclosed, the move reflects Nigeria's strategic shift from Eurobonds due to unfavourable pricing conditions.
