Author Topic: Fed Govt Raises N2.07b From Retail Savings Bond  (Read 423 times)

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Fed Govt Raises N2.07b From Retail Savings Bond
« on: March 24, 2017, 06:35:00 AM »
? Mulls selling $100m forward

The Debt Managment Office (DMO) yesterday said it raised N2.07 billion  ($6.6 million) from a new two-year savings bond intended for retail investors.

Nigeria forecasts a budget deficit of N2.36 trillion  this year, half of which it aims to fund through domestic borrowing.

The DMO has said it offered the bond to help broaden the country?s funding base. It will be available for purchase on a monthly basis and have a maximum subscription of N50 million. It carries a coupon of 13.01 per cent.

Meanwhile,  traders say the Central Bank of Nigeria (CBN)  plans to sell $100 million in currency forwards yesterday to be delivered within the next 60 days.

The bank has been injecting more dollars into the system to meet the needs of importers since February. It?s trying to boost supply in the market and narrow the margin between official and black market rate.

The local currency closed at 410 to the dollar on the black market on Wednesday, stronger than the previous 430 to the dollar. It weakened to 307.75 to the dollar on the interbank market, compared with 307.50 a dollar previously.

The March auction attracted subscription from over 2,500 applicants during the five-day sale period, the DMO said, adding that the next sale will be on April 3.

The government plans to increase public spending by almost 20 per cent this year and has obtained parliament?s approval for a $500 million Eurobond, after raising $1 billion from international debt market last month.

Outstanding total debt rose to N17.4 trillion last year from N12.6 trillion in 2015 and is set to increase further, as Africa?s biggest economy grapples with its first recession in a quarter of century, caused by low oil prices.


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Fed Govt Raises N2.07b From Retail Savings Bond
« on: March 24, 2017, 06:35:00 AM »


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