Nigeria: Concerns Mount Over Rising Banks' Dollar-Denominated Debts

27 August 2014

Industry watchers have expressed worries over increasing rate of dollar-dominated debts on deposit money banks' balance sheets. Five banks - Zenith Bank, Access Bank, Diamond Bank, First Bank of Nigeria and Ecobank Nigeria have so far raised a total of $1.750 billion from the dollar denominated debt market this year.

In addition, four Nigerian banks had earlier taken advantage of the opportunity in the market and issued Eurobonds valued at $1.45 billion between January 2011 and July 2013.

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