Nigeria sells five, 10-and 20-year bond at flat rate of 16.19pc

LAGOS: Nigeria has sold a five, 10- and 20-year debt at a flat rate of 16.19 percent at an auction on Wednesday to curtail borrowing cost as inflation declines, traders said on Thursday.

The Debt Management Office (DMO) raised a total of 99.26 billion naira, less than the 140 billion naira it wanted to raise, as it did not want to pay more for the notes.