Nigeria To Sell $1 billion Eurobonds –VP

By Ikenga Chronicles January 18, 2017
Vice President Professor Yemi Osinbajo  has disclosed  that the government aims to sell Eurobonds worth $1 billion in March, rather than February as originally hoped, to help refill the government’s coffers. Osinbajo stated this at the World Economic Forum (WEF) in Davos, where he led other Nigerian delegates.
A statement by his Senior Special Assistant on media and publicity, Laolu Akande said the Vice President is being accompanied on the trip by the Minister of Industry, Trade and Investment, Dr. Okey Enelamah, Minister for Agriculture and Rural Development, Chief Audu Ogbeh and the Minister for Water Resources, Engr. Suleiman Adamu.
Other members of the delegation include the Special Adviser on Economic Matters to the President, Dr. Adeyemi Dipeolu. Akande said that during forum, Vice President Osinbajo would participate in discussion on Business in Nigeria and other critical issues of development.
Osinbajo, has stated  that the country will unify the official and black market Naira foreign exchange rates this year.
“The gap between the official and parallel market… it isn’t helpful. If you look at the economic recovery and growth plan it is the expectation that this is a conversation we are having with [the] Central Bank” he stated.
The Naira’s official rate as controlled by the government hovered just above N300 to the dollar since it was devalued in June but remains 40 percent stronger than rates on the parallel market which has continued to hamper on the Naira.
Recall that the Minister of Finance, Mrs. Kemi Adeosun, announced last month that the government had “directed” the Central Bank of Nigeria (CBN) to work towards scraping the foreign exchange black market.
“The Central Bank been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy”Adeosun stated.
In his response, the CBN spokesman, Isaac Okorafor, said at the time that the Apex Bank was working towards “ensuring that the Forex market operates as effectively as we would envisage”.
He said the aim was to “ensure there is no black market” but did not give details of how this would be achieved.
Financial institutions, among others, have argued that Nigeria must allow its currency to float freely to solve its foreign exchange woes, a measure which has met opposition from President Muhammadu Buhari.
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