FG raises local currency bonds at yields below inflation

The Federal Government of Nigeria raised 214.95 billion naira ($704.18m) in local currency bonds at its first auction this year with the debt sold at yields below galloping inflation, the Debt Management Office said on Thursday.

According to Reuters’ report monitored by Business247 News Online, the sale was on Wednesday.

Though yields were higher than at its last auction in December, it said, adding that it received demand of 235.05 billion naira for the bonds. ($1 = 305.2500 naira)