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Nigeria to raise N110 bln in bonds Next Week

Nigeria plans to raise N110 billion ($700.41 million) in bonds with maturities ranging from 5 to 10 years at its first debt auction of the … Continue reading Nigeria to raise N110 bln in bonds Next Week


Nigeria plans to raise N110 billion ($700.41 million) in bonds with maturities ranging from 5 to 10 years at its first debt auction of the year on Jan. 23, the Debt Management Office (DMO) said on Friday.

The DMO said it will issue N35 billion in the 5-year paper, N30 billion in 7-year notes and N45 billion in the 10-year bonds using the Dutch Auction System.

The result of the auction is expected the following day.

Nigeria issues bonds at monthly auctions to deepen the local fixed income market, help lenders manage their liquidity and raise cash to fund the budget deficit.