Posted on: November 4, 2024 Posted by: diasporadigital Comments: 0

Nigeria’s Central Bank has said that it is considering issuing a diaspora bond in the United States to strengthen its ties with Nigerian expatriates and increase remittance inflows to $1 billion per month.

This was according to its Governor, Olayemi Cardoso, who was speaking at the IMF/World Bank autumn meetings in Washington, DC.

Governor Cardoso highlighted the strong investment interest from Nigerians abroad, whose remittances have surged from $250 million to $600 million monthly since last year’s economic reforms.

He also noted that Nigeria’s currency depreciation has made assets and business investments in Nigeria increasingly appealing to overseas investors.

In a further demonstration of investor confidence, Nigeria’s first dollar-denominated domestic bond, launched in August, raised over $900 million—well above the initial $500 million target.

Source: News Central

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