Nigeria’s foreign exchange (FX) reserves have risen by $621.2 million over 10 days, following the successful issuance of a domestic dollar-denominated bond. The reserves grew from $36.24 billion on September 2, 2024, to $36.87 billion by September 12, according to data from the Central Bank of Nigeria (CBN).
This boost reflects the positive impact of the bond sale, which attracted strong investor interest and provided significant liquidity to Nigeria’s financial system. The increase comes at a crucial time as the country seeks to stabilize the naira amidst global economic pressures.
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The bond, which raised $500 million and saw a 180% subscription rate, marks a significant step in Nigeria’s economic development. It was coordinated by the Africa Finance Corporation (AFC) and attracted over $900 million in subscriptions, demonstrating investor confidence in Nigeria’s market potential.
The five-year bond, with a 9.75% annual coupon, is expected to be traded on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange), further boosting market liquidity.
