Bond yields rose more than 100 basis points across maturities on Monday while stocks sank, after Nigeria delayed its presidential election, increasing uncertainty in Africa’s biggest economy, dealers said.
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The electoral commission’s decision late of Saturday to postpone the Feb. 14 vote until March 28 added to political uncertainty which, along with a slump in oil prices, spooked bond and equity investors, who sold off their holdings.
It also put intense pressure on the naira, which hit a record low on Monday.
