CBN woos foreign investors with N206bn debt at higher yields –


The Central Bank of Nigeria (CBN) has auctioned N206 billion in excess of its planned treasury debts of N50 billion at higher yields, in a bid to attract foreign investors.

The move, which apparently is a part of the apex bank’s strategic plans to rekindle investors’ interest in the economy, would also help mobilise the scarce foreign currency inflow.

Besides, with the economy now adjudged to be recessed, the regulator is scripting the monetary policy actions as a fresh boost to its revival and revving up foreign direct investments.

It also plans to raise additional N110 billion in local currency-denominated bonds on Wednesday, even as they continue to seek advisers and book runners to manage a planned $1 billion Eurobond it intends to offer this year.

Specifically, the regulator raised raised N256 billion in six-month bill at the weekend, as N206 billion at a higher yield of 18 percent, which is also targeted at reducing the quantity of money in circulation.

Traders, who also pleaded anonymity, said the whole move is aimed at driving the economy with bills and bonds, especially its sustenance at higher yields.