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Nigeria’s dollar bonds jumped after the country’s state-owned energy company NNPC obtained a $3bn loan. NNPC signed the agreement with Afreximbank on Wednesday, stating that the funds will help with the nation’s dollar liquidity. NNPC’s agreement includes an immediate disbursement of some of the funds to support the Nigerian government, the company said. Nigeria’s President Bola Tinubu named former investment banker Wale Edun as finance minister late on Wednesday, who had played a key role in the nation’s market-pleasing moves away from the unorthodox policies, which boosted the sentiments further.
Nigeria’s sovereign’s dollar bonds 7.625% 2047 rose 1 point to 69.8 cents on the dollar. Nigeria’s international bonds due 2033 and 2051 also advanced.
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