Nigeria has announced plans to auction N50 billion worth of seven-year and 10-year bonds as part of its domestic restructuring programme.

The Debt Management Office (DMO) said under the plan, the agency would offer N30 billion worth of seven-year bonds and N20 billion worth of 10-year bonds for auction to wrap up government’s third quarter debt.

"The interest rate is to be determined at the auction. The marginal rates that clear the volume on auction or the highest accepted rates become the coupon for the issue," the DMO said in a statement.