Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has discredited media reports that JP Morgan delisted Nigeria from its bond index.
The apex bank governor said this after presenting and analysing the Monetary Policy Committee (MPC)’s communique on Tuesday in Abuja.
According to him, Nigeria is still in the index.
“Let me say that contrary to widespread media reports that we were delisted or that we were removed from the JPMorgan bond index; and the truth is that, that is very untrue. Nigeria is still in their index.
“We were only reclassified, Nigeria’s rating, I will say was reclassified from overweight to market weight, which is just a mere reclassification of our size in the index.
“So, let me say and I repeat, Nigeria has not been delisted from any JP Morgan bond index.
“We have the report here, page 10 of it; I won’t bore you with it. You can go online and read it. Page 10 was specifically devoted to Nigeria. And it was very, very clear the reason why Nigeria’s rating was moved from overweight to just market weight,” Emefiele said.
JP Morgan’s Emerging Markets Bond Overweight and Underweight are used to make recommendations on stocks to buy or avoid.
When a stock has an overweight recommendation, it is projected to outperform its sector in the near future.
The US based bank said Nigeria had failed to utilise the global rise in crude oil prices to boost foreign reserves.