Nigeria plans to raise 135 billion naira ($429.25 million) in naira-denominated bonds at its April 12 debt auction, the fourth this year, the Debt Management Office said on Wednesday.
According to Reuters report, the debt office said it would raise 35 billion naira in bonds due to mature in 2021, 50 billion naira maturing in 2027, and 50 billion naira due in 2037, using a Dutch auction system.
Settlement is expected on the day following the issue. The bonds are reopenings of previous issues, except the 2037 bond which is a new issue.
Africa's biggest economy auctions sovereign bonds on a monthly basis to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.
Nigeria expects a 2.36 trillion naira budget deficit for 2017, with half of it funded through domestic borrowing.
At the last two auctions, the debt office sold more bonds than expected due to an increased demand for the local debt by investors.