Planned $100m diaspora Eurobond, less helpful to forex, local debt market

The proposed issue of $100 million diaspora bond is not likely to reduce pressure on the local currency and the debt market as expected, given the fact the World Bank estimated that remittances by Nigerians in diaspora hit $10-$11 billion in 2011 and expected this to rise further in 2012. The proposed issue is also seen as a shed from the over $11billion raised by India in three different issuances in the decade comprising 1991-2000.
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