At 22.4 per cent, price levels in Africa’s biggest economy rose to their highest levels in nearly two decades in May,
, priced in the local currency, are turning out to be something investors from abroad want to stay away from as the country’s high inflation makes the yields on those assets unattractive for them.price levels in Africa’s biggest economy increased to their highest levels in nearly two decades last month
Bloomberg cited a London-based institutional investor on Thursday as saying only rates in the 15-20 per cent band could tempt it to plough money into naira-denominated securities. An analyst at another told the news outlet that treasury bills’ yields need to really reflect the monetary policy rate to encourage foreigners to invest in the local debt market.
His firm offloaded its investment in Nigeria’s T-bills three years ago following policies pegging the exchange rate and introducing capital controls.
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