Nigeria’s dollar bonds maturing in 2025 have faced a continuous seven-day decline, marking their longest losing streak since September. Bloomberg suggests that investors are closely monitoring developments related to the recent raid on Dangote by the Economic and Financial Crimes Commission (EFCC).
Last week, EFCC operatives conducted a raid on the headquarters of the Dangote Group as part of an ongoing investigation into forex allocations in the country. Dangote Group refuted any wrongdoing, calling the raid embarrassing, while the Manufacturing Association of Nigeria criticized its poorly managed execution.
As per Bloomberg data, the bonds have been at their lowest levels since November 28. The diminishing appetite for Nigerian bonds is raising concerns, emphasizing the impact of the recent raid on the country’s boardrooms.
The Bloomberg report highlights that last week’s raid has triggered panic within Nigeria’s business community, further influencing the downward trend in the value of the dollar bonds.
