Nigerian Bonds Rise As Buhari Gets Second Term

The re-election of President Muhammadu Buhari has a positive economic outlook. The most recent report from Reuters shows that the government bonds rose to 5-7 months high on Wednesday after the final results were announced. 

Credit: The Cable

This is the second term of President Buhari as the leader of Africa's largest economy according to PriceWaterCoopers. Nigeria depends on oil for its foreign exchange and has beens selling bonds to finance many of its infrastructure projects in the past three years.

The country’s longer-dated bonds were up as much as 0.8 cents in the dollar to extend a more than 10 cents rally since the start of the year.