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The Naira has made a significant leap, gaining 4.8% against the dollar on Wednesday, its largest increase since July 22. This surge comes on the heels of the federal government’s successful debut domestic dollar-bond issue, which attracted overwhelming demand. According to Bloomberg data, the Naira closed at 1,558 naira per dollar, its strongest level against the greenback since August 21.
Finance Minister Wale Edun announced that the government raised $900 million in its first domestic sale of dollar-denominated bonds, nearly double the targeted amount. This impressive outcome has bolstered investor confidence and contributed to the Naira’s remarkable rebound.
The domestic dollar bond sale has provided a much-needed boost to Nigeria’s economy, demonstrating the government’s commitment to diversifying its funding sources and bolstering the nation’s financial landscape. As the Naira continues to wax stronger, it is clear that this milestone achievement will have a lasting impact on the country’s economic trajectory.
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