Nigerian bond yields eased marginally this week after the debt management office announced a cut in the amount of bonds it plans to raise this month.
The debt office had announced plans to raise about 73.61 billion naira ($448 million) in bonds with maturities ranging between 3 years and 20 years at an auction next Wednesday, lower than the usual 100 billion naira offer.
"We expect strong demand at the auction on Wednesday because of the low volume of bonds on offer. But we see yields settling around the prevailing market level," one dealer said.
Traders said the secondary market was under some pressure from the falling naira and global oil prices, which forced some offshore investors to sell down a portion of their debt.
While yields on the 2022 debt paper closed at 12.60 percent, down from 12.65 last week, the 2024 note closed at 12.59 percent, up from 12.50 percent last week.
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