Nigeria plans to refinance $3 billion worth of maturing naira-denominated short-term treasury bills with dollar borrowing of up to three years' maturity, to lower costs and improve its debt position as the economy recovers from a recession.
Finance Minister Kemi Adeosun said on Wednesday she was aiming to borrow less in naira and more in foreign currency. She said the government could borrow at a cost of 7 percent overseas, roughly half the interest rate it currently pays locally.
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