FG to raise N120b in 5-20 year bond

Briefs:

The Federal Government of Nigeria ()plans to raise 120 billion naira ($424.78 million) in local currency denominated bonds with maturities ranging between 5-year and 20-year on July 13, the Debt Management Office (DMO) said on Monday.

The debt office said in a notice that it will raise 40 billion naira at par in 2021 bond, while also raising 40 billion naira apiece in the 2026 and 2036 maturing bonds at the auction.

The 2026 and 2036 debt is a reopening of the previously issued paper, the debt office said.

Nigeria, Africa’s biggest economy, said it would borrow around 900 billion naira from the local debt market to finance a portion of the estimated 2.2 trillion naira deficit in this year’s budget.

 FX trading: CBN directs dealers to trade via FMDQ-advised FX system

The Central Bank of Nigeria (CBN) has directed that all Foreign Exchange (FX) related trades by authorized dealers and corporate institutions in the Nigerian forex market, be executed through the FMDQ-advised FX trading, auction and surveillance systems.

This is in furtherance of its efforts in engendering transparency and professionalism in the Nigerian foreign exchange market.

In a circular signed by Alvan Ikoku, director, financial markets department, the CBN said all authorized dealers (banks) are expected to execute all FX trades among themselves and with their clients (corporate institutions) through the FMDQ-advised FX systems.

The deployment of the FMDQ-advised FX systems will only be to those corporates that have been screened and pre-approved by FMDQ in line with its on-boarding eligibility criteria, the CBN said.

The Apex bank urged all authorize dealers and corporate institutions operating in the Nigerian foreign exchange market to ensure strict compliance.