Nigeria plans to issue N60 billion ($379.75 million) in local bonds, with maturities of between five and seven years at its regular auction on September 19, the Debt Management Office (DMO) said on Thursday.

The debt office said it would sell N30 billion each in re-openings of existing five- and seven-year bonds, which will have terms to maturity of four years and six months, and six years and eight months, respectively.

Yields on local debt have fallen over the past month on news, JP Morgan will include it in its Government Bond Index – Emerging Markets (GBI-EM) from October. The bank says this could potentially bring up to $1 billion into one of Africa’s most developed debt markets.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.