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CBN disagrees with JP Morgan's index rating on Nigeria

22 January 2015, 14:55

Abuja - The Central Bank of Nigeria said it disagreed with the JP Morgan, a global financial firm, for putting Nigeria's bonds on negative watch for three to five months.

Godwin Emefiele, CBN Governor, said this while addressing newsmen at the end of the Monetary Policy Meeting on Tuesday in Abuja.

"I think it is important for me to review the news on JP Morgan Index team to place Nigeria on a negative watch for the next three to five months.

"It was widely reported by the foreign media, quoting JP Morgan that Nigeria's foreign exchange as well as the local bond market is illiquid.

"I have responded to this by saying that we disagree with this situation or assertion that the market is not liquid.

"It is important to note that first of all, reducing net open position from one to zero, did not mean that there was no trading,’’ he said.

Also read: Analysts: CBN likely to alter rates after poll

He added that there was intra day trading during those periods.

He added that the apex bank insisted that the banks must close their positions to zero because of the volatility in the market during that period.

Emefiele said that committee of governors had reviewed net open position upward to 0.1 percent after the activities of the market were reviewed on resumption of market in January.



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