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Bond Market News
Nigeria’s Dollar Bonds Drop Across the Curve on Sudden Slump in Naira
October 19, 2023
Nigeria’s dollar bonds were lower by 1-2 points across the curve after their currency, the Naira depreciated sharply. The Central Bank of Nigeria allowed the currency to depreciate 8.9% to 848.12 against the dollar in the official market and following that, the naira weakened to 1,110 from 1,052 in the parallel black market. The naira has fallen over 40% since May after the pledge by President Bola Tinubu to unify the forex market post taking office at the time. The widening premium between the official rate and the black market “indicates that the exchange rate has not been setting a clearing price,” the central bank said.
Nigeria’s 7.875% 2032s fell 1.5 points to 76.1, yielding 12.6%.
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