Nigeria sells local bonds at 16.25 pct, same as inflation rate


LAGOS, JULY 13, 2017 – Nigeria sold 10 and 20-year bonds denominated in the local currency at 16.25 percent, same as the inflation rate, at an auction on Wednesday, auction data showed on Thursday.

Nigeria’s annual inflation eased for the fourth straight month in May to 16.25 percent from 17.24 percent in April, while analysts expect the consumer price index to have declined further in June.

However, the debt office sold less of the five-year bond at the auction than it initially offered as the yields on offer failed to attract investors seeking higher returns on the debt, auction data showed.

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