The local investment bank, United Capital announced on Sunday, August 18, that Nigeria plans to raise $2 billion through the issuance of domestic bonds denominated in greenbacks.

The issuance of dollar-denominated debt securities on the local market is aimed at mobilizing fiscal resources, reducing the extent of the currency shortage, and stabilizing the national currency. According to a statement issued by the Ministry of Finance, the issuance of domestic bonds denominated in US dollars is part of a plan that aims to “mobilize fiscal resources and stabilize the naira, by attracting dollars held by the Nigerian diaspora as well as international investors who support the reforms initiated by President Bola Tinubu.” The operation will be divided into several slices. The first involves the issuance of $500 million in bonds with a maturity of five years, starting on Monday, August 19.