Nigeria Eurobond yields rise after surprise election delay

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LONDON, Feb 18 – Nigeria’s Eurobond yields rose on Monday after the country’s surprise decision to delay national elections over the weekend, just hours before polls had been due to open.

The electoral commission said the postponement, which is due to last a week, was due solely to logistical factors and denied political pressure had played any part in the decision. President Muhammadu Buhari and his rival, former vice president Atiku Abubakar, both urged voters to stay calm.

The rise in government bond yields — yields move inverse to a bond’s price — was more pronounced in longer-dated, dollar-denominated bonds such the 2027 and 2032 issues. .

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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