The federal government, through the Debt Management Office (DMO), yesterday unveiled its N500 million dollars local bond to boost dollar liquidity and support the economic recovery plan. Minister of Finance and the coordinating minister for the Economy, Wale Edun, who spoke at a domestic FGN US Dollar Bond roadshow, insisted that the economy is on a solid recovery trajectory.
According to him, the newly introduced US Dollar bond aimed to improve the external reserves and support the exchange rates, which were critical elements of stabilising the economy. He stated that President Bola Tinubu’s macroeconomic reforms, which started in May 2023, have started yielding fruits, adding that the exchange rate is stabilising, and the trade balance is also positive.
“The flow of dollars has improved into the economy from portfolio investors, foreign direct investment and multilateral mobilisations, which have bought into Mr. President’s macroeconomic reforms. “This transaction plays a vital role in this process because we have a domestic issuance of dollar bonds to further improve the inflow of dollars.
“The interventions are there to assist the poor during this transition period when the macroeconomic reforms are not yet showing the benefits,” he said.
