Of the Eurobonds of emerging markets on Monday, Nigeria’s bonds recorded the sharpest rise.
by the State Security Service one day for what the secret police described as “investigative reasons.”Means to the Nigerian Government over his nine years at the helm.The Senate in early May assented to the move by former President Muhammadu Buhari’s government to convert the overdraft, statutorily repayable within 12 months, to a bond to be paid back in 40 years.
Of the Eurobonds of emerging markets on Monday, Nigeria’s bonds recorded the sharpest rise, with the country’s bond having the longest maturity climbing to its year-to-date high.Nigeria’s stock and fixed-income markets could not react to the development on Monday, a public holiday, but are likely to respond when trading resumes Tuesday.
A dire shortage of FX, whose supply has been severely limited following an oil crash in 2020, means a chunk of foreign investors’ money is trapped in the system, denying them the liberty to exit the market at will, a put-off for potential investors seeking havens for their investments.
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