The Debt Management Office, on Thursday, January 19 revealed that Nigeria raised 214.95 billion ($704.18 mln) in local currency bonds.
This transaction was executed at its first auction in the new year 2017 with the debt sold at yields below galloping inflation. The sale was on Wednesday, January 18.
Though yields were higher than at its last auction in December, DMO said , adding that it received demand of 235.05 bn naira for the bonds. ($1 = 305.2500 naira). Reuters reports
Meanwhile, the nation’s foreign reserves had on Wednesday spiked to $27.31 billion from $26.97 billion as of Friday last week, data from the Central Bank of Nigeria, CBN, website revealed.
The foreign reserves had depleted to a record low of $23.9BN as of October 19, 2016.