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Nigeria naira at record black market low despite successful Eurobond sale

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The Nigerian naira hit a record low of 573 against the dollar on the black market on Monday, shrugging off news of the country's Eurobond sale, meant to boost its currency reserves, traders said, weighed by a recent clampdown on retail forex operators.

The West African country sold $4 billion via Eurobonds last week after investors submitted bids of $12.2 billion. It is considering an additional issue.

"The rise in foreign exchange reserves on the back of the recent Eurobond issuance is likely to give the central bank more space to support the naira," said Virag Forizs, emerging markets economist at Capital Economics. Nigeria has been battling dollar shortages brought on by low oil prices, which worsened with disruptions linked to COVID-19. The central bank has devalued the currency three times since March last year, but the naira has continued to weaken.

"It's hard to square Nigeria's weak economic outlook with such high levels of interest in its Eurobond issuance. The appetite for Nigeria's Eurobond is probably related to the high returns offered, and possibly to oil price developments," Forizs said.

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