FG of Nigeria to Issue $500 Million Bond to Strengthen Naira

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To strengthen the Naira, the Federal Government of Nigeria has announced plans to issue $500 million in dollar-denominated securities in the domestic market. This move was disclosed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during an event in Abuja on Thursday, July 25.

The planned issuance aims to attract investments from Nigerians living abroad and those with foreign-held savings. Edun noted that the dollar bond offering will be launched in the next three to four weeks, representing a significant effort in the country’s economic reform initiatives.

Edun explained, “We are leveraging our financial systems, including the Securities and Exchange Commission (SEC), the banking sector, and investment bankers, to facilitate this $500 million issuance. This strategy is intended to draw foreign currency held by Nigerians overseas and others interested in supporting President Bola Tinubu’s macroeconomic reforms.”

The government has chosen this dollar bond issuance over a eurobond option, emphasizing its immediate goal of encouraging Nigerians to repatriate their funds and contribute to the country’s economic progress. Edun added that while eurobonds remain a possibility, the focus is on involving Nigerians in the nation’s reform success story.
Peoplesmind