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Nigeria To Auction 89.7 Bln Naira Bond On Jan. 25

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Nigeria said it will auction 89.75 billion naira ($556.93 million) worth of 10-year sovereign bonds with different maturity dates on Wednesday at its first monthly debt auction of the year, the Debt Management Office (DMO) said on Monday.

The debt office said it will sell 19.75 billion naira in bonds due to mature in May 2018, and 35 billion naira each of bonds due in October 2019 and January 2022.

Two are re-opening of previous issues, but the January 2022 issue is fresh paper.

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. ($1 = 161.1500 naira)