Proposed dollar-denominated domestic bonds to address foreign exchange crisis – DMO

Nigeria is working on the details of the proposed dollar-denominated domestic bonds, which is part of overall measures by the federal government to address the foreign exchange crisis, the Debt Management Office (DMO) has confirmed. A Bloomberg report yesterday quoted the DG of DMO, Patience Oniha as saying that the agency was in the process of appointing advisers and determining offer size. The offer targets residents and institutional investors with access to foreign exchange even as bond yield will be benchmarked to comparable dollar assets. Oniha said: “Too early for a splash as details are being worked on…Yes, we are working towards issuing a USD bond in the local market but the size, tenor and modality for pricing have not been determined. Target investors include residents and the Nigerian Diaspora. At this time this is all the info I can provide.”