LAGOS, Feb 9 (Reuters) – A proposed $2.5 billion Eurobond to refinance some of Nigerias treasury bill portfolio will not increase its overall debt stock but will help lower cost, the Debt Management Office (DMO) said on Friday.
Proceeds from the bond sale would be converted to naira and used to redeem a more expensive local debt, thereby improving the governments debt service ratio, the DMO said in a statement.
Finance Minister Kemi Adeosun said on Wednesday that the country plans to redeem 762.5 billion naira worth of treasury bills and that it would save government 64 billion naira each year after the refinancing is completed.
In January, the head of the debt office told Reuters the government would consider raising $2.5 billion throug…
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