LAGOS – Nigeria’s FCMB issued a 23 billion naira ($115.6 million) bond at the end of the third quarter, its chief executive said on Thursday, adding that the mid-tier lender still had room to raise further debt even in the event of a naira devaluation.[pro_ad_display_adzone id=”70560″]
Ladi Balogun said the bank had adequate capital adequacy and was embarking on a deliberate strategy to replace fixed deposit accounts to bonds so that it will not be hit by central bank cash reserve requirements, which affect liquidity. ($1 = 199.0000 naira).(Reuters)