United States and U.K based bond investors are said to have spurned the advances of Nigeria’s embattled Central Bank Governor, Godwin Emefiele who is said to have travelled overseas this week to beg fund managers to return to the Nigerian sovereign bond market.
Emefiele and Deputy Governor Sarah Alade met investors in Los Angeles, Boston, New York and London, two people with knowledge of the talks told Bloomberg.
According to the sources several investors in London told the governor there wasn’t enough liquidity in Nigeria’s foreign-exchange market for them to be comfortable buying naira bonds.
Emefiele was said to have denied their claims that the CBN continued to control the currency’s exchange rate even after its recent 30 percent devaluation against the dollar on June 20.
Emefiele was said to have expressed surprise that investors regarded the black market as a gauge as it was too small to be a true measure of the naira’s value, the people said.
Investors also told him they were concerned that the central bank had lower reserves than its stated figure of $26.4 billion because it may have sold some of the currency on the forwards market.
Emefiele said the currency peg was maintained for so long partly because it took time to convince President Muhammadu Buhari that it was in Nigeria’s interests, the people said.
Too bad. We need okonjo-Iweala.
I says it is good news for Nigeria,i thought the governor was joking,but now the governor is insulting himself by globe trottingboston.los angeles.i felt govt should create a financial guidelines and regulation or strategy.and govt will outline their programme for Nigeria or any foreign investor,as when in rome,you do as the romans.E.GTHE CHINESE STOCKMARKET WAS BLEEDING IN THE LAST FEW MONTHS,THEY DEVALUED THE YUAN,IT DID NOT ACHIEVED IT’S RESULT,THEY INJECTED NEW FUNDS,IT DID NOT ALSO ACHIEVED THE RESULT.
what caused was as Chinese economy was growing,foreign money was pouring in, and that was American funds,as those foreign investos noticed that Chinese economy was slowing now,they started withdrawing their fund,this what happen and it could happen even in Nigeria now, and in the future,,at davos switzland the governor of the bank of japan advised the Chinese authority to implement currency control,personally I think the main problem in the Chinese stockmarket is that it did not have depth,broad and robust.THEY ARE OPERATING MONEY FOR HAND BACK FOR GROUND.YOU GIVE ME MONEY AND YOU RECIEVES YOUR REWARD.NO ANALYSIS OF STOCK,NO — USES OF DERIVATION OF FINANCIAL INSTRUTMENT.it will happen in Nigeria in future.