Nigeria sold 66.5 billion naira in 5-year and 3-year sovereign bonds at its second debt auction of the year, the Debt Management Office, DMO, said Thursday.

DMO sold 30 billion naira in the 5-year and 36.5 billion in the 3-year instruments at Wednesday’s auction with marginal rates of 11 per cent and 9.25 per cent, respectively, slightly lower yields than at the previous auction in January.

The 5-year bonds were issued at a marginal rate of 11.13 per cent last month, while the 3-year instruments were issued at 10.40 per cent.

“However, the original coupon rates of 5.50 per cent and 4.00 per cent for the 3-year and 5-year, respectively, will be maintained,” the debt office said.

Both instruments were first issued in 2010 and have since been re-issued on a monthly basis.

Total subscription stood at 140 billion Naira compared to 137.45 billion Naira last month.

Traders attributed the increase in subscription to the release on Monday of budgetary allocations to the three tiers of government from federation accounts.

Africa’s top energy producer released 414 billion Naira from federal accounts, helping to boost liquidity in the system.