Nigeria's 5-year Bond Yield Drops

Nigeria's five-year bond yield fell 33 basis points on Tuesday after a United States investor bought government debt.

The yield on the 2019 bond initially fell two basis points in early trades on Tuesday, the dealer said, adding that the debt fell further on large buying from the offshore fund.

Reuters reported that the five -year paper traded at 15.03 per cent from 15.36 per cent the previous Nigeria's foreign exchange reserves fell by 4.9 per cent to $29.79 billion by March 30, from $31.35 billion a month earlier.

Yields on $500 million of Nigerian dollar bonds due July 2023 had fallen for the eighth day on Tuesday, to the lowest since December 10.