2017 Bond Yield Spikes 341 bps on Expected Tighter Liquidity

Nigeria's 2017 bond yield spiked 341 basis points on Thursday to 10.43 percent as traders sold off debt to book profits in anticipation that the central bank will resume mopping up liquidity next week.

The central bank has not issued open market (OMO) bills since September in order to ease liquidity in Africa's biggest economy, a situation which traders expect to change after the inauguration of government ministers on Wednesday.

The 10-year benchmark bond yield also rose 136 basis points to 11.62 percent on the sell-off.