Economy
Nigerian govt issues first $500m local bond, says economy is improving
The Federal Government, through the Debt Management Office, on Wednesday announced plans to issue N500 million dollars local bond to boost dollar liquidity.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Thursday in Lagos at an investor meeting for the bond issuance.
Edun assured Nigerians that the economy was on the trajectory of growth, adding that dollar funding was critical for the exchange rate to stabilise.
According to him, in terms of investments and stabilising the economy, it is important to have adequate foreign exchange.
He said that though there had been improvements in the flow of foreign exchange into the economy, the dollar-denominated bond would further boost FX liquidity.
He said that this transaction was aimed at improving the external reserves and supporting the exchange rates, which were critical elements of stabilising the economy and preparing it for investment and growth.
(NAN)