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Bond Market News
Nigeria Proposes to Allow Companies to List Dollar Bonds on Its Exchanges
August 23, 2023
Nigeria proposes allowing companies to list dollar-denominated bonds on its bourse, to ease its difficulty in accessing dollars. For the oil companies in Nigeria, getting access to dollars for the raw materials is their biggest challenge. Even an overhaul of the foreign-exchange market in June, which led to a 40% depreciation of the naira, has failed to fill the shortage gap. The initiative is targeted for companies operating from the country’s special economic free trade zones and those earning foreign currency. Besides listing and issuing foreign-currency bonds, the Nigerian Exchange Ltd. is working with the local Securities and Exchange Commission to amend regulations so that selected companies can pay dividends in dollars.
Nigeria’s sovereign dollar bonds inched up with its 6.125% 2028s up by 0.25 points to 82.625 cents on the dollar, yielding 10.63%.
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