April 20, 2024 6:12 am
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Nigeria Makes Significant Progress, Repaying $500m Eurobond Debt

The Federal Government of Nigeria, through the Debt Management Office (DMO), has successfully redeemed a $500 million Eurobond on its due date of July 12, 2023. This redemption is part of the government’s ongoing efforts to manage its debt effectively.

The Eurobond, which was issued in July 2013 as part of a dual-tranche USD1 billion Eurobond, had a tenor of ten years and a coupon rate of 6.375% per annum. The redemption of this Eurobond follows the previous successful redemptions of a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022.

With the redemption of the $500 million Eurobond, the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) now stands at USD1.8 billion. This achievement reflects Nigeria’s strong debt management operations and planning over the past six years.

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