Nigeria Bond Rises Globally as Tinubu Leads In Election
Nigerian bonds are posting some of the best gains in emerging markets as investors bet that ruling APC candidate Bola Tinubu, who’s taken an early lead in the nation’s presidential election tally, will offer reforms to pull Africa’s largest economy out of a fiscal mess.
Five of the West African nation’s dollar bonds ranked among the 10 best performers on Monday in a Bloomberg index of 71 emerging and frontier nations. The country’s sovereign risk premium narrowed the most this year on Monday, according to JPMorgan Chase & Co. data. The equity benchmark in Lagos rose to an eight-month high.
Counting is ongoing after the Feb. 25 presidential election, though early trends show Tinubu winning three key states. Money managers expect the nation’s next leader to take the unpopular decisions required to boost government revenue, stabilize the currency and cut down debt.
“Markets seem to be increasingly pricing in a Tinubu win, given the expectations that he could push through reforms quicker than others,” said Simon Quijano-Evans, the chief economist at Gemcorp Capital Management in London. “But it is difficult to see this holding if the election winner is unable to quickly turn around the macro story with visible reforms and personnel changes.”
2021: Osibanjo To Become Nigeria President - Ghana Pastor says
It is a new year, and it is not uncommon for the men of god to be making a prediction about the new year, a Ghana-based pastor, Prophet Nigel Gaisie, has revealed that Nigeria’s Vice President, Yemi Osinbajo will become president in 2021.Gaisie, who is the founder of the Prophetic Hill Chapel Prophet made the prediction during his crossover service on Thursday.“Nigeria’s Vice President Yemi Osinbajo will become president,” he said.Prophet Gaisie also predicted troub...
Nigeria Govt Sets To Regulate Bitcoins, ETH And Other Crypto
he Nigeria’s Securities and Exchange Commission (SEC) yesterday announced that it would begin to regulate digital currencies and crypto-based companies.A statement by SEC said the general objective of regulation is not to hinder technology or stifle innovation but to create standards that encourage ethical practices that ultimately make for a fair and efficient market.The Nigerian government had in the past described digital currencies as illegal and warned its citi...
Thunderstorm Kills 18 Kidnapper In Nigeria-Cameroon Border
In an unusual manner, a thunderstorm has killed 18 suspected kidnappers at Pawati forest which is between Adamawa State(Nigeria) and Cameroon border.Reports have it that the men of the underworld were sharing ransom money they got from their victims when the thunder struck them. The incident occurred within the Toungo Local government; Toungo is a town and local government area in the southern part of Adamawa State on the Nigeria-Cameroon border.“The bandits, it w...
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