Nigeria has repaid the $500 million Eurobond on its due date, the Debt Management Office said in a statement on Wednesday.

The bond, issued in July 2013, was due July 12, 2023.

The Eurobond was part of a dual-tranche $1 billion Eurobond with 10 years tenor and a 6.375% per annum coupon.

Nigeria has previously redeemed $500 million Eurobonds each in July 2018 and January 2021 and another $300 million diaspora Bond in June 2022.

The total amount of securities redeemed by Nigeria in the international capital market reached $1.8 billion, DMO said.

“Nigeria’s successful redemption of its Eurobonds and diaspora bond over the past six years demonstrates its strong debt management operations and planning,” the statement said.

In January, the DMO said Nigeria’s total debt could rise to $172 billion after the loan-to-bond swap and new borrowings to fund the 2023 budget.

(Editing by Seban Scaria seban.scaria@lseg.com)