Nigeria Repays $500m Eurobond Debt

On July 12, 2023, the Debt Management Office (DMO) of the Federal Government successfully repaid a $500 million Eurobond, which had reached its maturity date. This Eurobond, initially issued in July 2013 as part of a dual-tranche USD1 billion Eurobond, had a duration of ten (10) years and carried an annual interest rate of 6.375%.

“Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022,” the DMO said.

“These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six (6) years is a demonstration of its strong debt management operations and planning.”

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