Nigeria’s reserves have climbed back to the levels it was in January 2021 due to the $4bn Eurobond raised from the international market.
Nigeria’s external reserves rose to N36.1bn by September 24 6.1 per cent up from the $34bn balance as of August 31, this year.
This follows the Debt Management Office announcement that it has raised $4bn for the country from the international debt market.
Nigeria’s reserves held by the CBN was $36.52bn on January 25, which was highest reserves amount held by the apex bank since 2021.
The Federal Government on September 16, announced plans for a Eurobond issuance in the International Capital Market (ICM).
The last time it patronized the market was in November 2018.
DMO revealed the result in a circular dated September 21 that the money raised from the issuance of the Eurobond was over-subscribed by $1bn to hit $4bn. It rose more than the $3bn initially announced.
The debt manager said, “It is an inflow of foreign exchange, leading to an increase in External Reserves. External Reserves help support the Naira Exchange Rate, and Nigeria’s sovereign rating.”