By InvestAdvocate

Lagos (INVESTADVOCATE) –FCMB Group Plc said on Thursday it has raised $115.6 million (N23 billion) bond at the end of its third quarter (Q3), according to a Reuters report quoting Ladi Balogun, FCMB’s chief executive officer.

According to the report Balogun said that FCMB still had room to raise further debt even in the event of naira devaluation.

He added that the Bank had adequate capital adequacy and was embarking on a deliberate strategy to replace fixed deposit accounts to bonds so that it will not be hit by central bank cash reserve requirements, which affect liquidity.

Shares of FCMB at the close of today’s trading on the Nigerian bourse declined 4.30 percent to 0.89 kobo per share from 0.93 kobo traded the previous session.