Nigeria's External Reserves Hits 25-month high

Nigeria’s external reserves have risen to their highest level in 25 months to $42 billion presently due to the inflow of the recent Eurobond issued by the federal government.<br />The Debt Management Office had explained that the Order Book peaked at $12.2 billion, which enabled the Federal Government of Nigeria to raise $1 billion more than the $3 billion it initially announced.<br />DMO says this exceptional performance has been described as one of the biggest financial trades to come out of Africa in 2021 and an excellent outcome.<br />The DMO says bids for the Eurobonds were received from investors in Europe and America, as well as Asia.