Nigeria plans to raise 110 billion naira in local currency denominated bonds on August 17, the Debt Management Office (DMO) said on Thursday.
The office said it would sell 40 billion naira of a bond maturing in 2036, 30 billion naira of paper maturing in 2026 and 40 billion of debt maturing in 2021, using the Dutch auction system. Results of the auction are expected to be released on the following day. All the bonds on offer are reopenings of previous issues.
Africa’s top crude exporter issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
Nigeria plans to borrow about 900 billion naira locally to finance part of the 2.2 trillion naira deficit in its 2016 budget. It is also seeking advisers and book runners to manage a planned $1 billion Eurobond sale this year.