Saturday, April 17, 2021
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result

Nigeria sells N162.6bn Islamic bonds

Regina Chahas by Regina Chahas
June 17, 2020
in Front Page, Markets & Companies
0
Nigeria sells N162.6bn Islamic bonds
0
SHARES
14
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

Nigeria’s Debt Management Office has said the Federal Government, through the sale of Islamic bonds, raised N162.56bn ($450m) to help finance infrastructure projects.

DMO said on Tuesday that the government had planned to sell N150bn of the sukuk in its third outing, but increased the size of the offer after it received a more than four-fold subscription.

READ ALSO

YouTube suspends Nigerian TV evangelist, TB Joshua’s account

Train 7 project: Nigeria to clampdown on erring expatriates

The agency said it expected to issue more bonds to improve infrastructure and plans to use the proceeds of the sukuk sale to finance 44 road projects across the country.

Read Also:

  • Ebonyi’s foreign debt rises by 39.62%
    Ebonyi’s foreign debt rises by 39.62%
  • Executive Order 007 indispensable for road infrastructure development - Shonubi
    Executive Order 007 indispensable for road…
  • Africa’s economy snails behind galloping others
    Africa’s economy snails behind galloping others

“It did not give the maturity or the yield date for the naira-denominated bonds. Nigeria had a series of debt issues lined up this year before the Coronavirus Disease triggered a plunge in oil prices, the country’s main export, forcing the government to shelve foreign commercial borrowing,” DMO said.

It explained that “government is now tapping domestic markets and concessionary loans” to help fund its 2020 budget deficit, which has been worsened by lower oil prices that slashed revenues and weakened the naira.

“The oil price crash has also triggered excess naira liquidity on domestic money markets, as foreign investors sell treasury bills, a situation that has helped create dollar shortages in Nigeria, whose economy is projected to contract as much as 8.9 per cent this year,” the agency added.

close
Subscribe to our newsletter and join thousands of readers of our financial, economic & investments news blog!
We don't spam with your email

Check your inbox or spam folder to confirm your subscription.

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn

Tags: BondsStock ExchangeStock market

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Regina Chahas

Regina Chahas

Related Posts

YouTube suspends Nigerian TV evangelist
Companies

YouTube suspends Nigerian TV evangelist, TB Joshua’s account

April 16, 2021
Train 7 project: Nigeria to clampdown on erring expatriates
Energy

Train 7 project: Nigeria to clampdown on erring expatriates

April 16, 2021
We recognise importance of energy efficiency – OPEC boss
ENVIRONMENT

Nigeria seeks Commonwealth’s support on net-zero emissions

April 16, 2021
BUA, Dangote settle rift over sugar pricing
Commodities

BUA, Dangote settle rift over sugar pricing

April 16, 2021
Nigerian stock market sheds 0.17% on renewed bearish activity
Stock Market

Nigerian stock market sheds 0.17% on renewed bearish activity

April 15, 2021
Amref establishes commission to review Africa's universal health coverage
Front Page

IFC seals $300m deal for Africa’s health sector

April 15, 2021
Next Post
G-20: Central banks to consider ‘special’ debt swap deal

G-20: Central banks to consider ‘special’ debt swap deal

RECENT STORIES

YouTube suspends Nigerian TV evangelist

YouTube suspends Nigerian TV evangelist, TB Joshua’s account

April 16, 2021
Train 7 project: Nigeria to clampdown on erring expatriates

Train 7 project: Nigeria to clampdown on erring expatriates

April 16, 2021
Negative growth hits Nigerian States’ IGR

Negative growth hits Nigerian states’ IGR

April 16, 2021
We’ll prioritise access to COVID-19 vaccine

We’ll prioritise access to COVID-19 vaccine – AU

April 16, 2021
AstraZeneca: AZD1222 vaccine met primary efficacy in preventing COVID-19

Africa CDC unsure of second COVID-19 vaccine

April 16, 2021
We recognise importance of energy efficiency – OPEC boss

Nigeria seeks Commonwealth’s support on net-zero emissions

April 16, 2021
BUA, Dangote settle rift over sugar pricing

BUA, Dangote settle rift over sugar pricing

April 16, 2021

TRENDING

  • Adesegun Banjoko, President-elect, National Association of Block Moulders of Nigeria

    Blame govt for high cement price – Banjoko

    0 shares
    Share 0 Tweet 0
  • Professionals need strategy to survive in job market – Funmi Bajulaiye

    2 shares
    Share 0 Tweet 0
  • Affordable housing as mirage despite govt’s intervention

    0 shares
    Share 0 Tweet 0
  • Executive Order 007 indispensable for road infrastructure development – Shonubi

    0 shares
    Share 0 Tweet 0
  • Dealing with car overheating

    0 shares
    Share 0 Tweet 0
Financial Street is a meeting point for technology, economy, and journalism.

© Financial Street 2020. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS