Nigeria Bonds Rise After Tinubu Subsidy Removal

 

Nigeria Eurobonds rise after President Tinubu announces fuel subsidy removal
May 30, 2023, 2:18 am

JOHANNESBURG, May 30 (Reuters) - Nigeria's sovereign dollar-denominated bonds rose on Tuesday after new President Bola Tinubu said at his swearing in on Monday that a costly fuel subsidy would be removed and the central bank should work towards a unified exchange rate.

Eurobonds were up as much as 1.5 cents in the dollar, with the 2029 maturity rising to 85.88 cents at 0722 GMT . Its yield of 11.78% was the lowest since the end of February. (Reporting by Rachel Savage, Editing by Karin Strohecker)

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