Nigeria’s foreign exchange reserves rose by $621 million in just 10 days, following the successful sale of a domestic dollar bond.
According to the Central Bank of Nigeria, the reserves grew from $36.24 billion on September 2nd to $36.87 billion by September 12, 2024,
This increase is largely attributed to Nigeria’s first-ever domestic dollar bond, which saw an impressive $900 million in subscriptions, surpassing the $500 million target. Coordinated by the Africa Finance Corporation, the bond offers a 9.75% annual coupon and attracted strong interest from both local and international investors.
Experts have said that this surge comes at a crucial time as Nigeria faces economic challenges and seeks to stabilize the naira amidst global currency pressures.
0
0
