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

Related News

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…

Ololade Akinmurele a seasoned journalist and Deputy Editor at BusinessDay, holds a crucial position shaping the publication’s editorial direction. With extensive experience in business reporting and editing, he ensures high-quality journalism. A University of Lagos and King’s College alumnus, Akinmurele is a Bloomberg-award winner, backed by professional certifications from prominent firms like CitiBank, PriceWaterhouseCoopers, and the International Monetary Fund.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp