Nigeria’s Eurobonds went on the back foot on Wednesday in an extension of the previous session’s slide as the news of the government’s decision to embargo upward adjustment of petrol pump prices continued to rattle the market.
The country’s bonds, which dramatically became bellwethers among emerging-market peers after Bola Tinubu abruptly announced an end to fuel subsidies at his presidential inauguration in late May, are now the worst performers in that class.
The dollar-denominated note expiring in 2051 shed 2.4 per cent or 1.7 cents on the dollar to 68.9 cents, only managing to gain back a third of the drop at 11:45 WAT.
An hour earlier, eight of Africa’s biggest economy’s bonds had ranked among the 20 worst-performing in the world in London. Nigeria’s Eurobonds with 2033 as their maturity date have depreciated ten times in less than two weeks.
On Tuesday, Mr Tinubu put the increase in petrol retail prices on ice for now after intimations of possible raise…
