Nigeria issues new 67 billion naira bond

Dec 18, 2015

The country is struggling with the fall in oil prices.

Nigeria will issue 67.45 billion naira (€312 million) in treasury bills on December 24th, the central bank announced in a statement seen by Ecofin agency.

The country has step up debt issuance in recent months to gather resources in a bid to counter the global slump in oil prices.

The country generates 70 per cent of its revenue and about 90 per cent of its export earnings from oil.

Its finances were undermined by the Brent crude's 60 per cent slide to below $40 (€37) a barrel since June 2014.

The naira tumbled 21 per cent between June 2014 and February 2015, before central bank Governor Godwin Emefiele introduced measures to stabilise the currency.

Credit Suisse estimates debt issuance will increase to $41 billion in 2016 from $30 billion this year, Bloomberg reports.ADNFCR-2976-ID-801808455-ADNFCR