Nigeria: Recession Sends Bonds to Lowest in More Than Two Weeks – Daily Trust

Nigeria’s sovereign dollar bonds fell across the curve to their lowest level in more than two weeks after official data showed the economy contracted by 2.06 percent in the second quarter, sending Africa’s biggest economy into its first recession for 25 years.

The 2023 issue chalked up the biggest losses, down 0.728 cents to trade at 99.417 cents in the dollar – its lowest since Aug. 15, according to Tradeweb data. The 2021 bond slipped by 0.489 cents to 102.156 cents while the 2018 issue lost 0.603 cents to trade at 101.167 cents.

Data from the Nigerian Bureau of Statistics (NBS) showed the non-oil sector declined due to a weaker currency while lower oil prices dragged the oil sector down.