"Nigeria sells about $1 billion of bonds as yields lure investors"

" Nigeria sells about $1 billion of bonds as yields lure investors \r\n\r\nNigeria raised 1.5 trillion naira ($996 million) in a bond auction as the yield offered by the government helped lure investors.\r\n\r\nThe Debt Management Office received a record 1.9 trillion naira of bids for the two securities on sale, the agency said in a statement on Tuesday. The West African nation sold the debt to yield as much as 19%.\r\n\r\nNigeria is offering securities at attractive yields to raise funds for the government and mop up excess naira liquidity in a bid to tame an inflation rate that\u2019s near a 30-year high. It\u2019s also helping President Bola Tinubu\u2019s government attract overseas investors to the nation that is facing a dollar shortage.\r\n\r\n\u201cThe relatively large amount of offer was based on the federal government\u2019s financing need,\u201d the Debt Management Office said in the statement. It\u2019s also an \u201copportunity to attract foreign investors.\u201d\r\n\r\nThe government sold a 7-year security at a yield of 18.5% compared with 15% in January, while the 10-year bond was was auctioned at 19% as against 16% of a similar debt a month ago, the agency said.\r\n\r\nThe Central Bank of Nigeria this month offered interest rate on its short-term debt obligation above the benchmark interest rate of 18.75% to attract investors, a move that signals the normalization of interest rates ahead of its meeting next week.\r\n\r\nThe regulator has relaxed currency controls and introduced a series of other measures since June to reform the foreign-exchange market and ease a dollar scarcity, which has contributed to plunge the local unit by about 70% since the past year."

"Nigeria sells about $1 billion of bonds as yields lure investors"

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