Nigeria’s dollar bonds maturing 2025 have fallen for seven consecutive days for their longest, losing streak since September.
According to Bloomberg, this suggests that investors are watching what happens next between Dangote and the Economic and Financial Crimes Commission (EFCC).
Last week, EFCC operatives raided the headquarters of the Dangote Group in connection with ongoing investigation into forex allocations in the country.
The company had described the raid as embarrassing, denying any wrong doing. The Manufacturing Association of Nigeria had said the raid was badly managed.
The bonds are now at their lowest levels since November 28 according to Bloomberg data and the loss of appetite for Nigerian bonds provides strong basis for worries expressed by.
A Bloomberg report said last week’s raid has sent panic through the country’s boardrooms.