Nigeria, Africa’s largest economy, has fulfilled its debt service obligations by redeeming a $500 million Eurobond on its scheduled due date of July 12, 2023.
This redemption marks another milestone in Nigeria’s successful debt management operations and planning.
Akelicious first reported that the $500 million Eurobond which was due for repayment this month in line with the terms.
The bond was obtained 5 years ago at a coupon rate of 6.375% per annum. Eurobond debts are typically paid out of the country’s external reserves or via a special fund designated for external bond repayments.
According to the DMO, the latest redemption now means Nigeria has now repaid a total of $1.8 billion in securities in the International Capital Market (ICM) over the past six years.
As earlier reported by Nairametrics, this is not the first time Nigeria is repaying Eurobonds. In July 2018, the country redeemed a $500 million Eurobond, followed by another $500 million Eurobond in January 2021.
Additionally, Nigeria successfully redeemed a $300 million Diaspora Bond in June 2022.
