The debt office will sell between 25-35 billion naira each in 5-, 7- and 10-year paper in July and AugustArticle | July 6, 2012 – 4:34am

Nigeria plans to raise between 200 billion and 280 billion naira ($1.23 billion – $1.72 billion) in sovereign bonds ranging between 5 and 10 years in the third quarter of the year, the Debt Management Office (DMO) said on Thursday, less than its second quarter debt issuance.

The debt office said it would sell between 25-35 billion naira each in 5-, 7- and 10-year paper in July and August, while it will sell 25-35 billion each in 5-year and 7-year bonds in September.

The office said all were re-openings of bonds previously issued.

Africa’s second biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

Nigeria has so far issued a total of 593.37 billion naira worth in sovereign debt this year.

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