Finance

BDCs back Nigeria’s return to JPMorgan bond index

The Association of Bureaux De Change Operators of Nigeria says the Federal Government’s plan to open talks with JPMorgan Chase & Co for their reinstatement in the local currency emerging market bond index will bring great benefits to the economy.

Naira securities were removed from the JP Morgan Index in 2015 because of foreign currency shortages.

The ABCON President, Alhaji Aminu Gwadabe, said in an interview with newsmen in Lagos that JP Morgan Chase & Co. return to the Nigerian market would lead to improved foreign exchange inflows and boost the Central Bank of Nigeria’s chances of achieving its $60bn foreign reserves target in 2018.

The ABCON boss said such return would also enable the country to benefit from the $20bn overseas investment planned by the United States bank which would see it raise wages, hire more people, and open new branches in emerging markets.

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