Nigeria sells 55 bln naira in bonds, yields drop

 Nigeria has sold 55 billion naira ($343.96 million) in bonds with maturities of three and 20 years at lower yields than at the previous auction in September, data from the Debt Management Office (DMO) showed on Monday.
 On Friday the DMO sold 25 billion naira in 3-year notes maturing in August 2016 at 13.04 percent, 46 basis points lower than the 13.5 percent at the previous auction on Aug. 14.
  The debt office sold 30 billion naira of 20-year bonds maturing in 2030 at 13.26 percent, 43 basis points less than the 13.69 percent yield at the September auction. All the debt notes were re-openings of previously issued paper.
Nigeria, Africa's second most developed bond market, issues bonds at monthly auctions to deepen the local fixed income market, help lenders manage their liquidity and raise cash to fund the budget