Nigeria’s President Muhammadu Buhari said that the nation will have to pay an extra $4bn in the form of additional interest to service debts if the Senate blocks its plan to restructure government loans from the central bank. Last week, the Senate suspended a session to consider the President’s request to convert NGN 22.7tn ($50.6bn) in advances from the central bank into bonds repayable over 40 years with some lawmakers noting that the borrowing is unconstitutional.
Nigeria’s dollar bonds were however trading higher – its 6.125% 2028s were up 0.68 points to 78.18, yielding 11.41%.
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