….FG to raise $2.3bn in oil asset equity restructuring

THE naira, yesterday, depreciated by 22 kobo to N360.55 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window, as the federal government plans to raise $2.26 billion (N710 billion) by restructuring its equity in joint venture oil assets.

The indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, depreciated to N360.55 per dollar, yesterday, from Wednesday’s rate which stood at N360.33 per dollar, indicating a 22 kobo loss in the value of Naira.

Whereas, $161.03 million was recorded as the volume of dollars traded in the window, yesterday, indicating a $2 million increase, from the volume traded the preceding day. Meanwhile, the federal government has revealed plans to raise $2.26 billion (N710 billion) by restructuring its equity in joint venture oil assets and increasing private sector participation.

The government issued $1.5 billion worth of Eurobonds in the first quarter to fund its 2017 budget and plans to sell a further $2.5 billion worth this year in addition to refinancing a $3 billion treasury bill portfolio to lower its borrowing costs.  – Vanguard

–  Nov 10, 2017 @ 09:13 GMT |