Emma Ujah, Abuja Bureau Chief
The Debt Administration Workplace (DMO) has introduced that Nigeria’s 6.75% $500M JAN 2021 Eurobond, which matured on January 28, 2021
(yesterday) might be redeemed.
For this function, funds have been made accessible by the Federal Authorities of Nigeria to the Fiscal Agent to repay the principal sum of $500 million and the ultimate curiosity fee due on the Eurobond.
The DMO stated in a press release, yesterday, “By this improvement, Nigeria continues to show in sensible phrases, its dedication in direction of honouring all its debt service obligations as and when due. “
The 6.75% $500M JAN 2021 Eurobond which was issued in January 2011 was Nigeria’s first foray into the Worldwide Capital Market (ICM).
The issuance of the Eurobond enabled Nigeria to diversify its sources of funding because it efficiently raised a complete of $10.668 billion from the worldwide capital market thereafter, making a complete of $11.168 billion to finance the implementation of the Federal Budgets.
In keeping with the DMO, the Eurobond has considerably contributed to Nigeria’s Exterior Reserves, including, “equally essential, a variety of personal sector operators, notably Nigerian Banks, have raised US Greenback funds from the ICM following Nigeria’s debut Eurobond in January 2011.”
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