In a move that could broaden Nigeria’s appeal to international finance and investors, Bank of New York Mellon Corp., in partnership with Standard Bank Group Ltd., has introduced Global Depositary Notes (GDNs) backed by Nigerian sovereign debt denominated in naira.
The new financial instrument allows global institutional investors to access Nigeria’s local debt market more easily through major international clearing systems such as Euroclear and Clearstream. By simplifying entry into Nigeria’s high‑yielding Treasury bills and benchmark bonds — which trade among the highest yields in emerging markets — this innovation could attract much‑needed foreign capital into the country’s financial ecosystem.
Analysts say that increased foreign participation in Nigeria’s debt market may help deepen capital markets, support the naira, and spur broader economic growth — aligning with policy goals to expand international investor confidence.
