Nigeria plans to raise between N250 billion and N340 billion in local currency-denominated bonds in the fourth quarter, the Debt Management Office (DMO) said on Tuesday.

The DMO said it would auction between 90-120 billion naira worth of bonds maturing in 2021, 70-100 billion naira in the debt maturing in 2026 and 90-120 billion naira worth in the paper maturing in 2036.

In its latest issuance calendar, the DMO said that the bonds will be re-opened from previously issued debt.

Nigeria had planned to raise between 305-395 billion naira worth of debt in the third quarter but ended up issuing 460 billion naira worth.

Nigeria issues sovereign bonds monthly to fund its budget deficit, support the local bond market and create a benchmark for corporate issuance.

Nigeria said it will borrow about 900 billion naira locally to finance part of the 2.2 trillion naira deficits in its 2016 budget.

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