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Nigeria bond yields fall below 16% as investor demand surges

Busy street of Nigeria. Photo Muhammad Ibrahim @ Unsplash
Busy street of Nigeria. Photo Muhammad Ibrahim @ Unsplash
  • February bond auction heavily oversubscribed
  • Central Bank cuts policy rate hours later

 

ABUJA, NIGERIA – Nigeria’s February bond auction cleared at sharply lower rates as investors piled into government debt ahead of an anticipated interest rate cut.

Marginal rates across all maturities fell to just above 15%, down from around 17% at the January auction, reflecting growing market expectations that borrowing costs would ease.

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