Nigeria Eurobonds jump as Tinubu hits ground running

Nigeria’s new President Bola Tinubu is quickly warming himself to investors after wasting no time in announcing an end to the country’s costly fuel subsidy program and unveiling plans to adopt a single exchange rate.

Investors are already reacting to Tinubu’s pro-market policies with the country’s dollar bonds rallying.

Read also: Naira redesign: Tinubu to treat old, new notes as legal tender

Debt due in 2047 jumped 3.3% to 66.750 cents on the dollar by 10:10 a.m. in London, according to Bloomberg data. Bonds due in 2049 gained 2.9% and those maturing in 2051 advanced 3.5%.

Details later…