Market News
Bet on Nigerian recovery draws investors seeking to dodge trade wars - FT
Africa’s most populous country among former crisis-hit economies attracting foreign inflows
BY Aanu Adeoye in Lagos and Joseph Cotterill in London
Foreign investors have flocked to Nigeria’s markets in recent months, as the threat of a US trade war with larger developing economies has sent portfolio managers looking for cover in former crisis-hit frontier markets now on the rebound.
The Nigerian naira is among the world’s top-performing currencies since November’s US election with a rise of more than 7 per cent against the dollar, as a turnaround in the continent’s most populous nation — and the lure of yields of 20 per cent to 25 per cent — trigger a rally in the local bond market following a massive devaluation. https://www.ft.com/content/5b5...
