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Home Business News

Citibank Says CBN Naira Policy Is Hurting Deals

Nairametrics by Nairametrics
February 25, 2016
in Business News, Currencies
Citibank Says CBN Naira Policy Is Hurting Deals
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Citigroup Inc. said deals in Nigeria, Africa’s biggest oil producer, have plummeted because investors are too scared to spend money when it’s expected that the naira will have to be devalued.

“I see this as a year of pause,” Miguel Melo Azevedo, Citigroup’s head of investment banking for Africa, said in an interview in Cape Town. “You will look very stupid if you buy something in Nigeria and tomorrow it gets devalued. There’s an embarrassment factor”.

This year there have been 12 deals valued at $1.45 billion compared with a year ago when there were 19 deals worth $5.62 billion, according to data compiled by Bloomberg.

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Citigroup however said Nigerian deal making could pick up in 2017 as low valuations attract buyers.

 

Tags: CBN Nigeria
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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.

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