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HomeBusinessAppointment of Wale Edun as Finance Minister boosts yields on Nigeria's Eurobond

Appointment of Wale Edun as Finance Minister boosts yields on Nigeria’s Eurobond

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Nigeria’s sovereign dollar-denominated bonds rose on Thursday after investment banker Olawale Edun was appointed as finance minister and coordinating minister of the economy, as President Bola Tinubu seeks to recalibrate Africa’s largest economy.

READ ALSO: Nigeria’s equities slide for 4th consecutive day as banking stocks drag index down by 0.27%

The West African oil producer’s eurobonds rose up to 1.1 cents on the dollar, having plunged from a recent peak on August 1. The note maturing in 2038 rose the most, up 1.177 cents to 73.16 cents at 0926 GMT.

Edun, one of Tinubu’s closest advisers and a figure investors hope will help to steer Nigeria onto a more reformist, market-friendly path, had long been tipped to take up the post of finance minister.

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