Nigeria to raise N330 billion in bonds in fourth quarter

Nigeria plans to raise between N270 billion and N330 billion ($857 million – $1.1 billion) in local currency-denominated bonds in the fourth quarter, the Debt Management Office (DMO) said on Wednesday.

The debt office said it would auction between 135-165 billion naira worth of bonds maturing in 2021 and the same amount of the debt maturing in 2027.

In its latest issuance calendar, the debt office said the bonds will be re-opened from previously issued debt.

According to Reuters, Nigeria expects a shortfall of $7.5 billion for its 2017 budget, which it plans to raise in foreign loans from the World Bank, offshore and domestic markets.