Nigeria’s benchmark Eurobond continued to sell off Thursday, with yields rising to a five year high of 24 percent.
Foreigners are dumping Nigerian assets amid the decline in oil prices and external reserves which has raised fears of a possible devaluation.
Investors say Nigerian officials haven’t helped matters by staying quiet on the exact measures they will take to curb the adverse impact of the oil downturn on the economy. In the meantime, equities and the currency have suffered a rout, with equities down 3 percent in early trading Thursday.
The naira lost more ground to the dollar at the black market Thursday, trading at N410 per dollar from N380 a day before. The naira is now down 13 percent since Monday.
