• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

[Official] JP Morgan To Kick Nigeria Off Emerging Market Bond Index

Nairametrics by Nairametrics
September 8, 2015
in Currencies, Politics
[Official] JP Morgan To Kick Nigeria Off Emerging Market Bond Index
Share on FacebookShare on TwitterShare on Linkedin

Nigeria will be phased out of JP Morgan’s Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday after warning that currency controls were making bond market transactions too complex to meet its rules.

When the global plunge in oil prices hit the naira, Nigeria sought initially to support it using currency reserves, but had to resort to market controls as pressure persisted.

The JP Morgan index has around $210 billion in assets under management benchmarked to it, supporting investor demand for the bonds it includes.

RelatedStories

Middle East crisis: Oil prices could hit $140 in 2024 

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024

JP Morgan’s decision to phase Nigeria out of its index, which many investors track, marks the conclusion of a process initiated in January.

JP Morgan said the phase-out would take place over the month ends of September and October.

It said earlier that to stay in the index, Nigeria would have to restore liquidity to its currency market in a way that allowed foreign investors tracking the index to transact with minimal hurdles.

Nigeria became the second African country after South Africa to be listed in JP Morgan’s emerging government bond index in October 2012 after the central bank removed a restriction for foreign investors to hold government bonds for a minimum of one year before they could exit.

The index added Nigeria’s 2014, 2019, 2022 and 2024 bonds, giving Africa’s biggest economy a weight of 1.8 percent in the index.

“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency. As a result, Nigeria will be removed from each of the six GBI-EM indices starting Sept 30,” the bank said in a note.

The central bank had to devalue the naira and pegged it at a fixed rate against the dollar, turning trading into a one-way quote currency market whose lack of transparency angered investors and businesses.

The index provider said Nigeria would not be eligible for re-inclusion in the index for a minimum of 12 months and this was dependent upon a consistent track record of satisfying the index inclusion criteria such as a liquid currency market.

 

Tags: Oil & Gasoil price
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Middle East crisis: Oil prices could hit $140 in 2024 
Energy

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 
Energy

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024
Naira
Currencies

Naira rises 1.69% in I&E Window as global crude prices approach $80 

October 5, 2024
Oil price concept
Energy

Oil price to rise above $90 per barrel if Israel-Iran conflict continues – Report  

April 14, 2024
Crude Oil prices
Energy

Oil prices drop by 2% over rumours of Israel-Hamas truce 

February 2, 2024
Crude oil prices
Energy

Oil price soars above 2024 budget benchmark as U.S and Britain orders airstrikes against Houthi rebels 

January 12, 2024
Next Post
Widening Gap Between Interbank, BDC Rates: Forex Dealers Express Concern

[NEW CIRCULAR] CBN Warns Banks To Sell Forex for School Fees, Medicals etc.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 
  • Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 
  • Dangote Refinery to begin distribution of petrol, diesel with free logistics nationwide

Follow us on social media:

Recent News

NUPENG threatens nationwide strike over violent attack on workers in Kaduna

E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

June 15, 2025
Billionaire and Oracle co-founder, Larry Ellison

Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics