Nigeria Redeems $500m Eurobond
Patience Oniha, DMO Chief

Nigeria Redeems $500m Eurobond

Nigeria has redeemed a 500 million dollars10-year tenor Eurobond with the due date of July 12, 2023.

In a statement, Nigeria’s Debt Management Office (DMO), said the matured Eurobond was issued in July 2013 as part of a dual-tranche one billion dollars Eurobond for a tenor of 10 years at a coupon of 6.375 per cent per annum.

Recall that MarketForces Africa reported that the offshore market capital raise is due for repayment today. >>>Naira Slumps 5.96%, Nigeria’s Eurobond Matures Today

Despite the foreign currency shortage in the country and declining gross external reserves, the DMO said that the redemption of the Eurobond was a demonstration of the country’s commitment to meeting its debt service obligations.

It said Nigeria had previously redeemed a 500 million dollars Eurobond in July 2018, another 500 million dollars Eurobond in January 2021, and a 300 million dollars Diaspora Bond in June 2022.

“These, together with the 500 million dollars Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to 1.8 billion dollars.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the international capital market over the past six years is a demonstration of its strong debt management operations and planning,’ the DMO said.

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