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Home Finance

Nigeria Plans Dollar-Denominated Domestic Bonds to Address Forex Crisis, DMO Confirms

Business 360 by Business 360
April 24, 2024
in Finance
0
DMO alerts on default as debt hit N35.5 trillion

The Debt Management Office (DMO) has confirmed that Nigeria is actively working on the details of proposed dollar-denominated domestic bonds as part of broader measures by the federal government to tackle the ongoing foreign exchange crisis.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, recently announced plans to initiate the issuance of domestic bonds denominated in foreign currency in the second quarter of this year.

According to a Bloomberg report, the Director General of DMO, Ms. Patience Oniha, stated that the agency is currently in the process of appointing advisers and determining the offer size for the bonds. The offer is expected to target residents and institutional investors with access to foreign exchange, with bond yield benchmarked to comparable dollar assets.

Responding to inquiries about the impending issuance, Oniha confirmed the planned dollar-configured domestic bonds issuance via email. However, she mentioned that the size, tenor, and modality for pricing are yet to be determined.

“It’s too early for a splash as details are being worked on. Yes, we are working towards issuing a USD bond in the local market but the size, tenor, and modality for pricing have not been determined,” Oniha stated.

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