Debt Office to raise ₦110b in Bonds

Nigeria plans to auction 110 billion naira ($360 million) of local currency bonds on Feb. 15, its second debt sale this year, the Debt Management Office said on Wednesday.

The debt office said it would issue 45 billion naira of bonds maturing in 2021, 20 billion naira of 2026 paper, and 45 billion naira of bonds due in 2036, using the Dutch auction system.

Settlement for the bonds is expected on the following day. The bonds on offer are reopenings of previous issues.

Africa's top crude producer and biggest economy sells sovereign bonds monthly to support the local debt market, create a benchmark for corporates and to fund its budget deficit.