Nigeria aims to secure up to $30 billion from its maiden foreign currency-denominated bond issuance, scheduled for June 2024. Patience Oniha, Director-General of the Debt Management Office, revealed this information in a conversation with BusinessDay. The issuance is intended to attract foreign currency inflows to help stabilize the naira, which has been negatively affected by dollar shortages.
Oniha mentioned that the actual projection would be made after appointing the advisers. She explained that many Nigerians, including individuals, institutions, banks, and Nigerians living abroad, hold dollars in their domiciliary accounts. The bond issuance aims to bring dollar liquidity into the system, benefiting both the Nigerian government and potential investors.
The Minister of Finance and Coordinating Minister for the economy, Wale Edun, recently disclosed plans for a debut forex bond in the second quarter of 2024. This short to medium-term instrument is expected to attract foreign currency inflows and further support the country’s economic stability.
