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The average yield on Nigerian government bonds in the secondary market rose by 5 basis points, traders said in their separate notes, citing heated selloffs on naira assets. Investors reacted to subdued yield in the bond market following monetary policy tightening the nudged benchmark interest rate higher by 25 basis points to 27.50%.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at the end of a two-day policy meeting hiked the benchmark interest rate to 27.50%