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Barclays Bank Mulls Option of Delisting Nigeria like JP Morgan

BARCLAYS

Operators in the nation’s capital market have lamented the plan by Barclays Bank to delist the Federal Government’s bond from its index, attributing the development to volatile foreign exchange and macro-economic concerns in the country.

The operators were worried over the recent reports that Barclays Bank will consult with its index users on whether Nigeria’s sovereign debt should remain in its emerging market local currency government bond benchmark.

The index provider had said it would drop Nigeria from its index, citing same lack of liquidity and currency restrictions and coming on the heels of the pronouncement by JP Morgan to delist Nigerian bond from its index.

Already, Barclays has listed Nigeria’s eligibility for inclusion in the Emerging Market Local Currency Government Index among the primary topics to be considered in its yearly review process, according to a statement, though without additional details.

However, the operators have urged the government to take more proactive fiscal measures to restore confidence in the nation’s economy, stressing the need for it to work out modalities that would help to forestall further occurrence.

Guardian

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