Faced with increasingly unfavorable market conditions, Nigeria has just abandoned the issuance of a $950 million Eurobond.

Nigeria intends to use its special drawing rights with the IMF to finance part of its budgetary expenditures. The eurobond issue was intended to finance the country's budget deficit. According to Finance Minister Zainab Ahmed, the country plans to reduce its borrowing costs this year by using its foreign currency convertible drawing rights with the International Monetary Fund (IMF), better known as special drawing rights (SDRs), to finance part of its budgetary expenditures.