Nigeria has begun formal discussions with JPMorgan to re-enter its Government Bond Index for Emerging Markets, almost 10 years after the country was removed over concerns about FX transparency and market liquidity.
The Director-General of the Debt Management Office, Patience Oniha, disclosed the development on Wednesday during the Nigerian Investor Forum held on the sidelines of the International Monetary Fund and World Bank Spring Meetings in Washington DC.
Oniha said Nigeria had resumed active engagement with JPMorgan, supported by recent reforms in the foreign exchange market, which she said have restored confidence and improved market conditions.
“With the reforms implemented, the foreign exchange market has improved, and we’re eligible again. We’ve resumed active engagement with JP Morgan to re-enter the index,” she said.
In a follow-up post on the official DMO Nigeria X (formerly Twitter) handle on Thursday, the agency reiterated its position, stating that the country is working to rejoin the JPMorgan GBI-EM index, citing the impact of FX reforms.
