14.09.2015 - Plummeting Commodity Demand Slams Nigerian, Brazilian Debt
Nigeria and Brazil may be in different continents, but they had something in common last week: There’s no hiding behind bad fiscal and monetary policies when commodity demand dries up. JPMorgan said it would boot Nigeria from its benchmark local-currency Government Bond Index-Emerging Markets, citing foreign-currency restrictions and a lack of liquidity. But Nigeria defended policies that it argues curb speculative trading and volatility. Its oil-dependent economy is revenue starved, and new President Muhammadu Bhuari has been slow to appoint a new cabinet. The Global X MSCI Nigeria exchange-traded fund (ticker: NGE) has fallen 23% this year...............................................Full Article: Source
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