The Nigeria Abu Dhabi loan is a US$5 billion swap secured on federal bonds, and the finance minister says its terms will not be published.
Western Africa · Sovereign Debt
Key Facts
—What happened: Nigeria has drawn about US$1.5 billion of a US$5 billion facility from First Abu Dhabi Bank.
—How it works: Nigeria pledges naira bonds worth about 133% of the cash and pays a floating dollar rate.
—The catch: If those bonds fall in value, Nigeria must post more of them at short notice.
The finance minister of Africa’s most populous country says he will hold off on where the highly contentious $5 billion UAE loan is going
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