It’s bad news for the Federal Government’s economic drive as the Nigeria bond auction failed to gain traction of foreign investors.
The Debt Management Office (DMO) raised 100 billion naira ($318 million) of the 140 billion naira it had targeted. It is believed that the yields on offer failed to attract foreign investors worried about the currency risk and priced lower than the inflation rate.
The auction took place on Wednesday and the results were announced on Thursday.
The debt office had pushed to sell more of its 20-year note.
