Despite plummeting oil prices and an ever-weakening currency, Nigeria plans to launch its first international Naira-denominated bond within six months.  The Financial Times reports that “the government says the planned 10-year bond will lay the foundation for future bond issues by Nigerian companies and state governments by creating an international benchmark for sub-Saharan Africa’s second biggest capital market.”

The move raised the eyebrows of many analysts who point to falling oil prices, which have lead to a 30% decline in the value of the Naira against the dollar in the past two months and aversely affected government earnings due to diminishing exports, as a reason why the government may struggle to sell the bond at a rate it would find acceptable and which investors would still find appetizing.

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