LAGOS: Nigeria plans to sell 55 billion naira ($340.14mn) in bonds with maturities of five and 20 years at its seventh monthly debt auction of the year on July 17, the Debt Management Office said on Tuesday.

The debt office said it would issue 20 billion naira in debt notes maturing in April 2015 and 35 billion naira in the July 2030 paper, using the Dutch Auction system.

All the notes are re-openings of previously issued paper and the result of the auction is expected the following day.

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 deficit.