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Bureaux De Change hail possible return of Nigeria to JP Morgan index

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The Association of Bureaux De Change Operators of Nigeria (ABCON) has praised the Federal Government’s plan to open talks with JPMorgan Chase & Co. on Nigeria’s return to the local-currency emerging-market bond index, saying the country’s reinstatement will bring great benefits to the economy, The Sun reports.

Its President, Alhaji Aminu Gwadabe, said in Lagos that JP Morgan Chase & Co’s return to the Nigerian market would lead to improved forex inflows and boost Central Bank of Nigeria’s (CBN’s) chances of achieving its $60 billion foreign reserves target in 2018 in spite of any shock arising from oil prices.

He praised the Federal Government’s plans to begin talks with JP Morgan about being included in its government bond index for emerging markets. Naira securities were removed from the JP Morgan Index in 2015 because of foreign-currency shortages.

The ABCON boss said such a return will also enable Nigeria benefit from the $20 billion overseas investment planned by the US bank which will see it raise wages, hire more, and open new branches in emerging market countries.

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