Nigeria to raise N80 bln in 2020, 2024 bonds

Nigeria plans to issue N80 billion ($400 million) worth of local currency denominated bond with maturities ranging between 5-year and 10-year on Oct 14, the Debt Management Office (DMO) said on Wednesday.

The debt office said it will issue N40 billion each in the debt maturing in 2020 and 2024 respectively at yields to be determined through Dutch Auction System (DAS).

All the bonds are reopening of previous issues and results for the auction are expected the following day.

Meanwhile Nigeria’s overnight lending rate fell to record low of 2 percent on Wednesday, after the central bank injected liquidity into the banking system by refunding excess debits on cash reserves to lenders, traders said.

The central bank cut cash reserve requirements to 25 percent from 31 percent last month, in a bid to ease liquidity and stave off recession in Africa’s biggest economy, which has suffered as oil prices fell.