May 11, 2017 / 9:42 AM / 3 months ago

Nigeria bond auction raises less than hoped as foreign investors stay away

LAGOS, May 11 (Reuters) - Nigeria sold fewer bonds at auction than expected as the yields on offer failed to attract foreign investors worried about currency risk, traders said.

The Debt Management Office (DMO) raised 100 billion naira ($318 million) of the 140 billion naira it had targeted.

The auction took place on Wednesday and the results were announced on Thursday.

Traders said subscriptions were low because yields were priced lower than the inflation rate, noting the debt office had pushed to sell more of its 20-year note.

$1 = 314.50 naira Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and John Stonestreet

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