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…
