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naira LAGOS: Nigeria plans to raise 75 billion naira ($466.30 million) through sovereign bonds ranging between 5 and 10 years at its regular auction on July 18, the Debt Management Office (DMO) said on Thursday.  

The debt office said it would sell 25 billion naira each in the 5-, 7- and 10-year paper with term-to-maturity of four years and eight months, six years and 10 months, and nine years and five months respectively.  The bonds are re-openings of previous issues.

"The DMO reserves the right to alter the amount allotted in response to market conditions," the debt office said in a statement sent to Reuters by email.

Nigeria, Africa's second-biggest economy after South Africa, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

Copyright Reuters, 2012