Nigeria’s bond auction appears to have lost its appeal before international investors on Wednesday.

The Debt Management Office, DMO, managed to raise only 100 billion Naira, $318 million of the 140 billion Naira it had targeted.

The yields on offer failed to attract foreign investors who are worried about currency risk, according to traders.

The result of the auction which took place on Wednesday were announced on Thursday.

Traders said subscriptions were low because yields were priced lower than the inflation rate, noting the debt office had pushed to sell more of its 20-year note.