The debt office will sell 40 billion naira of bonds due in 2021 and 50 billion naira each of bonds due in 2027 and in 2037, using a Dutch auction system.

Settlement is expected the day after the sale. The bonds are re-openings of previous issues.

Nigeria, which has Africa's biggest economy, issues sovereign bonds monthly to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.

At its last auction, it sold fewer bonds than it had planned after investors demanded higher yields to compensate for inflation.

Nigeria expects a 2.36 trillion naira budget deficit this year, half of which it hopes to fund through local borrowing.

 

 

Copyright Reuters, 2017