Nigeria eyes $1.48 bln in sovereign bonds by Q3

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(FILES) This file photo taken on January 28, 2016 shows shows naira banknotes, Nigeria's currency, in Lagos. Nigeria's shortage of foreign currency nightmare goes on and affects now the whole country's economy. / AFP PHOTO / PIUS UTOMI EKPEI

LAGOS, July 5 (Naija247news) – Nigeria plans to raise between 360 billion naira and 450 billion naira ($1.18 bln-$1.48 bln) in sovereign bonds maturing between five and 20 years in the third quarter, the Debt Management Office (DMO) said on Wednesday.

The debt office said it would auction 90-120 billion naira in the five-year note and 135-165 billion in the 10-year and 20-year debt between July and September.

Africa’s biggest economy issues bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.

The West African country expects a budget deficit of 2.36 trillion naira this year as it tries to spend its way out of a recession. It expects to raise money to cover more than half the gap from the local market.

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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