Nigeria’s dollar bonds have been badly hit by massive sell-offs, the worst days in 17 months, according to Bloomberg.
This comes as investors are held down by uncertainty about whether the government’s economic plans will be affected by the ongoing nationwide protests.
The protests which started on Thursday, continued on Monday despite President Bola Ahmed Tinubu’s appeal for suspension and call for dialogue.
To this end, the Nigerian dollar debt and US Treasuries widened by 46 basis points to 715, according to JPMorgan Chase & Co. data, the largest single-day increase since March 2023.
Further analysis showed that Five of Nigeria’s Eurobonds ranked among the worst performers in a Bloomberg index of emerging and frontier sovereign debt.
The 2051 securities were hit hardest, with prices dropping to 73.06 cents on the dollar, their lowest close since November.
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