Nigeria
Revamp its economy by reducing the costs of using bank notes.
This is the ambition of the Nigerian government which sold $ 2.5 billion eurobonds on Thursday to buy back its debt in naira.
In practice, these are two separate types of securities that have been placed on the market.
The first was sold for USD 1.25 billion and is due to mature in 12 years with a yield of 7.14%.
The second, also worth $1.25 billion, will mature in 20 years. And its rate of return should be 7.7%, the finance minister announced on Twitter.
The deal appealed to investors, the Department of Finance said, as they were prepared to put up to $11.5 billion on the table.
Nigeria is engaged in a programme that should eventually lead it to sell all its foreign debt, the repayment of which in local currency is a structural burden on its budget.
Already last year, Abuja sold a record 4.8 billion Eurobonds in November, confirming Nigeria’s attractiveness on the financial markets.
01:47
Environmental Volunteering: Activists gather in Lagos ahead of World Earth Day
00:39
Nigerian chess master plays for 60 hours in bid to set new world record
01:05
A Nigerian chess champion is trying to break the world record for the longest chess marathon
Go to video
Another Nigerian socialite Cubana Chief Priest charged for throwing money in air
01:09
Nigeria sees record inflation in March
01:02
Pics of the day: April 15, 2024