Nigeria’s foreign exchange reserves surged by $591.78m in the month following the government’s $2.2bn Eurobond auction on December 2, 2024.
Data from the Central Bank of Nigeria shows that reserves increased from $40.29bn on December 2 to $40.88bn on January 3, 2025.
A Eurobond is a bond issued offshore by governments or corporates denominated in a currency other than that of the issuer’s country.
Eurobonds are usually long-term debt instruments. Eurobonds are typically denominated in US Dollars (USD).
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