Nigerian bond yields to take cue from election

Yields on Nigerian bond have dropped across the board this week, fuelled by increased liquidity.
Traders said local pension and some lenders were taking position in the market, driving down yields, but said the market would be driven by this week's presidential election.
Frontrunners President Goodluck Jonathan and former military ruler Muhammadu Buhari are facing off in a contest many think is too close to call. Jonathan warned against violence ahead of the vote as people stockpiled food, cash and fuel for fear of post-election clashes. [ID:nL6N0WT2FM]
"We seen the market taking a cue from the out coming of the election on Saturday, if all goes well, the market should see more demand, if otherwise, we should expect a bit of volatility going forward," another dealer said.
Yields fell across the major tenors, with the 2016 bond trading at 15.5 percent from 16.03 percent last Friday.
The 2022 paper fell to 15.4 percent against 16.99 percent, while 2024 note was down to 15.45 percent from 16.35 percent.