Nige­rian bond sale

Weekend Argus (Saturday Edition) - - FRONT PAGE -

LA­GOS: Nige­ria’s cen­tral bank has set com­mer­cial banks’ in­vest­ment in Is­lamic bonds is­sued by state gov­ern­ments to 10 per­cent of the to­tal amount on of­fer and fixed a max­i­mum tenor of 10 years for the bonds, it said in a cir­cu­lar.

Africa’s top econ­omy, which is in the mid­dle of a re­ces­sion, has set up a govern­ment com­mit­tee to ad­vise on the amount to be raised from the Is­lamic bond sale, the tim­ing and ju­ris­dic­tion of is­sue, ei­ther do­mes­tic or for­eign.

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