Welcome to Africanews

Please select your experience

Watch Live

Business

business

Nigerian government sells $ 2.5 billion Eurobonds

Nigeria

<p>Revamp its economy by reducing the costs of using bank notes. </p> <p>This is the ambition of the Nigerian government which sold $ 2.5 billion eurobonds on Thursday to buy back its debt in naira. </p> <p>In practice, these are two separate types of securities that have been placed on the market. </p> <p>The first was sold for <span class="caps">USD</span> 1.25 billion and is due to mature in 12 years with a yield of 7.14%. </p> <p>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. </p> <p>The deal appealed to investors, the Department of Finance said, as they were prepared to put up to $11.5 billion on the table. </p> <p>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. </p> <p>Already last year, Abuja sold a record 4.8 billion Eurobonds in November, confirming Nigeria’s attractiveness on the financial markets.</p>
View more