Nigeria bonds to rise on election jitters

Nigerian bonds yields will rise as Africa's biggest economy prepares to hold presidential elections on March 28, while a planned Monetary Policy Committee (MPC) meeting to set rates on March 24 would also unnerve investors, traders added.
The continent's largest oil producer is facing a faltering economy after global oil prices plunged, weakening the naira.
Nigeria raised 91 billion naira ($455 million) in bonds this week, with maturities ranging between 5-year and 20-year at higher returns across the board.
"Trading is expected to be mixed next week but the market would likely stay above the 16 percent resistance level," one dealer said.
Yields on the 2016 debt closed flat at 16.15 percent compared with 16.16 percent last week, while the 2022 debt note dropped to 16.03 percent from 16.07 percent previously.
The benchmark 2024 debt note however rose sharply to 16.63 percent from 16.13 percent last week.