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Nigeria still in JP Morgan’s Bond Index – Emefiele

THE Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has debunked media allegations that JP Morgan has removed Nigeria from its bond index. On Tuesday in Abuja, the CBN governor said this after delivering and analyzing the Monetary Policy Committee’s communiqué. Nigeria, he asserted, remains in the index.

“Let me say that contrary to widespread media reports that we were delisted or that we were removed from the JPMorgan bond index; and the truth is that, that is very untrue. Nigeria is still in their index.

“We were only reclassified, Nigeria’s rating, I will say was reclassified from overweight to market weight, which is just a mere reclassification of our size in the index.

“So, let me say and I repeat, Nigeria has not been delisted from any JP Morgan bond index.

“We have the report here, page 10 of it; I won’t bore you with it. You can go online and read it. Page 10 was specifically devoted to Nigeria. And it was very, very clear the reason why Nigeria’s rating was moved from overweight to just market weight,” Emefiele said.

Emerging Markets Bond from JP Morgan Overweight and Underweight are terms used to suggest equities to purchase or avoid.

When a company receives an overweight rating, it is expected to outperform its industry in the near future.

According to the US bank, Nigeria had failed to take advantage of the global rise in crude oil prices to boost foreign reserves.

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