Nigeria’s dollar bonds have fallen to their lowest point in more than two weeks after official statistics showed that the economy had entered its first recession in 25 years.
The official data showed that the economy contracted by 2.06 percent in the second quarter.
According to a Reuters report “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.”
The report further showed that “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.