Nigerian Eurobonds Drop As Investors Panic Over Protests

As investors wonder if the government’s ambitions for economic change would be thwarted by large-scale protests, Nigeria’s dollar bonds were headed for one of their worst days in 17 months on Monday, according to a Bloomberg article.

According to statistics from JPMorgan Chase & Co., the difference between US Treasuries and Nigerian currency debt expanded by 46 basis points to 715, marking the biggest one-day increase since March 2023.

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Five of Nigeria’s eurobonds ranked among the worst performers in a Bloomberg index of emerging and frontier sovereign debt. The 2051 securities were hit hardest, with prices dropping to 73.06 cents on the dollar, their lowest close since November.