Emmanuel Addeh in Abuja with agency report
The economic reforms embarked upon by President Bola Tinubu are sparking the biggest bond rally in Emerging Markets (EMs), with the country having the best performance among 23 markets in July, a Bloomberg news report said yesterday.
This is as the West African nation’s two-digit carry yields continue to be backed by increasing government revenue, slowing inflation and a stable currency.
Naira-denominated bonds of Africa’s largest crude producer have extended their 2025 rally with an 8.6 per cent total return in July, the best performance among the 23 countries in the Bloomberg EM Local Currency Government Universal Index both for the month and the year, Bloomberg added.