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Report: Sterling Bank revives bond sale program

Nigeria-based Sterling Bank Plc revived a plan to sell bonds to raise its capital amid expectations that borrowing costs in the country will decline, Bloomberg News reported Dec. 8.

Abubakar Suleiman, an executive director of the lender, told the newswire that a "more favorable" interest rate outlook will enable the bank to sell debt worth 27 billion Nigerian naira in the first half of 2018. The proceeds will go toward hiking its capital adequacy ratio to 14% from 11.4% as of September-end.

In 2016, Sterling Bank dropped a bond program of 65 billion naira after it was charged 16.5% interest for 7.9 billion naira of debt, Bloomberg noted.

Central Bank of Nigeria Governor Godwin Emefiele reportedly said Dec. 6 that the central bank could reduce its interest rate from 14% if a decline in inflation takes place.

As of Dec. 7, US$1 was equivalent to 360 Nigerian naira.