Nigeria’s dollar-denominated government bonds slump ahead of S&P credit rating review

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Nigeria’s dollar-denominated government bonds fell on Friday ahead of a review of its credit rating by S&P Global, after the West African oil producer was downgraded by another ratings agency, Moody’s, a week earlier.

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Nigeria’s bonds dropped as much as 2.659 cents in the dollar, with the 2038 maturity falling the most, down to 69.189 cents, according to Tradeweb data .

The bonds had fallen for two days in a row thanks to a combination of global risk-off sentiment and the Moody’s downgrade, with the 2038 maturity’s price falling as low as 68.528 cents. It then recovered to as high as 73.375 cents before Friday’s drop.

Nigeria’s finance minister Zainab Ahmed said on Thursday she disagreed with what she said was a “surprise” downgrade by Moody’s, saying that the government was addressing the agency’s concerns, which included a deteriorating fiscal and debt position.

She said she expected S&P’s rating review would be more positive, adding, “S&P’s assessment is not the same as Moody’s. They have come out with a much better assessment.”

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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