Investors cheer Nigeria currency shift, want more

Godwin Emefiele, Governor, Central Bank of Nigeria

Nigeria‘s recent tentative steps to free up its naira currency, particularly via a new trading window, have gone down well with some adventurous stock and bond investors who are cautiously returning to the markets they fled two years ago.

Once considered one of the most promising emerging markets, Nigeria was hammered when it introduced draconian foreign exchange restrictions to counter the effects of the 2014 oil price crash.

These will take years to unwind, some analysts fear, while others are concerned the new trading facility could come under pressure if oil prices were to take another tumble, or trade through it could slow if Nigeria’s currency reserves run low.

Read more: Investors cheer Nigeria currency shift, want more| News by Country| Reuters

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