• Monday, December 04, 2023
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Bond yields rises after FG delays presidential election

Parthian Partners completes payment of N10bn bond coupon

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.

Read also: Nigeria’s overnight rate jumps to 60 percent as CBN props up naira

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.