Nigeria said on Monday it will sell 80 billion naira ($402.92 million) worth of bonds <0#NGTSY=> denominated in the local currency at an auction on Jan. 20, its first debt auction of the year, the Debt Management Office (DMO) said.
The debt office said it will issue 40 billion naira each of bonds maturing in 2020 and 2026, using the Dutch auction system.
Nigeria has proposed a plan to issue 260 billion to 390 billion naira in 5-, 10- and 20-year naira bonds in the first quarter of the year.
Nigeria said it will borrow about 900 billion naira locally to finance part of the 2.2 trillion naira deficit in its 2016 budget.
($1 = 198.5500 naira)