Nigerian bond seen rising next week

Prices of Nigerian Treasury bonds are likely to pick up next week after being driven lower by investors taking profits in the wake of naira depreciation and concerns over falling oil prices on the global market.
"We expect that some investors would come into the market at this level to take advantage of the low price after weeks of a bearish run," one dealer said.
Yields on the major debt notes have risen by as much as 20 basis points this week alone as offshore investors stayed on the sidelines, while some local pension funds cut their positions.
The bonds maturing in 2022 fetched 12.28 percent on Friday, up from 12.11 percent last week, the bond dated 2024 closed at 12.39 percent up from 12.17 percent, while the 2034 Treasury bond closed at 12.29 percent, from 12.23 percent.
Nigeria's central bank kept its benchmark interest rate at 12 percent at a meeting last week on concerns about increased liquidity and rising inflation in Africa's biggest economy.