DMO to Raise ₦120b from Local Debt Market

Nigeria plans to raise 120 billion naira ($387 million) in local-currency denominated bonds at an auction on Sept. 14, the government's Debt Management Office said on Tuesday.

The debt office said it will raise 40 billion naira each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system.

All the bonds are reopenings of previously issued debt.

Nigeria has estimated it will borrow around 900 billion from the local debt market this year to fund a budget deficit projected at 2.2 trillion naira.