The Nation Newspaper Edun: Fed Govt plans to raise bond in forex
The government move is expected to herald domestic issuance of similar bonds by companies and sub-nationals, a plan already given provisional approval by the country’s apex capital regulator.
The minister said President Bola Ahmed Tinubu in October 2023 signed executive orders to allow domestic issuance of instruments in foreign currency and also allow all cash outside the banking system to be brought into the banks. The proposal is considered as one of the quick-interventions to bolster the country’s foreign exchange position by exploring alternative sources and redirecting remittances and informal sources to a formal market.
Lamido said investors’ protection is deeply ingrained in all regulatory consideration by the Commission as it continues to explore ways to further deepen the capital market.The listing of dollar-denominated bonds and shares at the Nigerian stock market is targeted at easing access to forex for select companies, especially high-valued companies that require substantial forex for their operations.
Bloomberg reported that companies Nigeria consistently cite getting access to the dollars they need for raw materials as their biggest challenge.
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