News
BNY Mellon, Standard Bank to facilitate access to Nigerian Naira debt—Bloomberg
Bank of New York Mellon Corp., in collaboration with Standard Bank Group Ltd., is launching global depositary notes backed by Nigerian sovereign debt denominated in Naira, Bloomberg has reported. The initiative is designed to give international investors streamlined access to the elevated yields available in Nigeria, Africa’s most populous nation. The depositary notes will be eligible for settlement through major international clearing systems, Euroclear and Clearstream, enabling broader participation from global institutional investors.
This development represents a significant milestone in efforts to deepen foreign access to Nigeria’s local debt market. According to Bloomberg, Nigeria sold 182-day Treasury bills on June 4 at a yield of 18.5%, while its 2033 benchmark bond was trading at a yield of 19.33% as of Wednesday — among the highest returns in emerging markets. As stated by the global head of depositary receipts at BNY Mellon,Chris Kearns, the program is expected to help unlock investment potential across Africa and contribute to the development of capital markets on the continent
-
Stock Market2 days agoNGX All-Share Index, market capitalisation each rose
-
News2 days agoLagos IGR made up 67.72 per cent of the state’s recurrent revenue, others rely on FACC allocation—BudgIT
-
Economy16 hours agoStates budgets exceed available funding, risking stalled projects, payment arrears—WBG
-
Oil and Gas2 days agoOil prices slide about 2% to multi-week low amid peace talks
-
Oil and Gas2 days agoNNPC IPO will likely start with 5% to 10% listing, CEO says
-
Economy16 hours agoNigeria-Korea trade hits $1.1bn, targets growth beyond oil, gas
-
Oil and Gas2 days agoEFCC raids Chinese illegal oil refinery in Ogere Ogun
-
Economy2 days agoEfficient Civil Service key to achieving $1tn economy by 2030—FCSC chairman