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Nigeria Eurobond
7.2875 %
Nigeria has priced a $1 billion, 15-year Eurobond at 7.875 percent in an issue that is almost eight times subscribed, the finance ministry said.
The government will seek to have the paper listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange, it said in a statement.
The bond issue is aimed at helping finance a budget deficit exacerbated by lower oil prices and militant attacks in the crude-producing Niger Delta.
Naira Crash
N506/$
Nigeria’s naira hit a fresh low on the black market on Friday, quoted at N506 per dollar, as traders tested new levels to try to tempt dollar holders to sell.
The currency has hovered near the 500 level for more than two weeks and, with demand for dollars swelling, crossed the threshold as the unapproved retail market opened on Friday.
On the official interbank market, lenders had traded only $1.30 million at 315 per dollar by 1130 GMT, traders said, as the central bank continued to ration dollar supplies.
Rail Project
$1.85 bn
China Railway Construction’s consortium says it has signed a $1.85 bn contract to construct a tram project in the Northern Nigerian state of Kano.
Nigeria is investing heavily in capital projects, building infrastructure, and replacing half-a-century of old rail lines in the country.
