Nigeria aims to raise 95bn naira at bond auction

LAGOS: Nigeria plans to raise 95 billion naira ($476 million) by selling sovereign bonds with maturities ranging between 5 and 20 years on March 11, the Debt Management Office (DMO) said on Wednesday.

The debt office said it will raise 35 billion naira in 5-year bonds and 35 billion naira each in the 10 and 20-year paper, using the Dutch auction system.

All the bonds are a re-openings of previous issues and the result of the auction is expected to be published on March 12, the DMO said.