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Bond yields rises 100 bps after Nigeria delays presidential election
February 9, 2015 / 11:52 AM / 3 years ago

Bond yields rises 100 bps after Nigeria delays presidential election

LAGOS, Feb 9 (Reuters) - Bond yields rose more than 100 basis points across maturities on Monday while stocks sank, after Nigeria delayed its presidential election, increasing uncertainty in Africa’s biggest economy, dealers said.

The electoral commission’s decision late of Saturday to postpone the Feb. 14 vote until March 28 added to political uncertainty which, along with a slump in oil prices, spooked bond and equity investors, who sold off their holdings.

It also put intense pressure on the naira, which hit a record low on Monday. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Alison Williams)

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