Nigeria’s sovereign dollar bonds and equities rallied after President Bola Tinubu said he’ll end the nation’s $10 billion fuel-subsidy program and announced plans to adopt an uniform exchange rate.
Eurobonds were up as much as 1.5 cents in the dollar, with the 2029 maturity rising to 85.88 cents at 0722 GMT . Its yield of 11.78% was the lowest since the end of February.
Debt due in 2047 jumped 1.6 cents on the dollar to 66.23 by 4.50 p.m. in London, heading for the biggest advance in a month. Bonds due in 2049 gained 1.7 cents and those maturing in 2051 advanced 1.9 cents. The NGX 50 Index, which comprises of the nation’s biggest companies, surged 6.7% in Lagos, the most since November 2020.
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