Nigeria is getting ready to borrow money from international investors by selling its first foreign currency bond. The country hopes to raise around $30 billion in June. This amount is similar to the value of dollar assets held by banks in Nigeria.
The government wants to attract more dollars into the country to help stabilize its currency, the naira. Nigeria has been facing a shortage of dollars, which has caused problems for its economy. By selling foreign currency bonds, the government aims to bring in more dollars from investors.
The bond will be a short to medium-term investment, meaning people who buy it will get their money back after a few years. The government is still choosing advisers for the deal, but they expect a lot of interest from Nigerians living both in the country and abroad, as well as institutions like banks.
Source: Business Day