Nigeria NGE ETF

[beacon]

Tinubu suspends Minister Betta Edu over N585.189 scandal
https://dailypost.ng/2024/01/08/tinu...oogle_vignette

[GTM 3442]

Out of idle curiosity, what made the naïfs halve in value against the NZD this month? Must’ve blitzed a few ETFs.

[beacon]

Out of idle curiosity, what made the naïfs halve in value against the NZD this month? Must’ve blitzed a few ETFs.

Naira depreciated yet another third (~35%) to USD on NAFEX, the official fx window, following a revision of the methodology used to set exchange rate, in effect the 2nd (~35%) devaluation by a third to USD in 7 months, according to FMDQ which calculates the exchange rate, after CBN accused traders of manipulating the exchange rate by under-reporting transaction rates, and local banks of hoarding USD.

Strong USD, high interest rates on debt killing EM currencies, and US traders/ speculators cashing in on the situation. More reasons here: https://www.vanguardngr.com/2024/01/...5-in-2025-imf/

[GTM 3442]

Naira depreciated yet another third (~35%) to USD on NAFEX, the official fx window, following a revision of the methodology used to set exchange rate, in effect the 2nd (~35%) devaluation by a third to USD in 7 months, according to FMDQ which calculates the exchange rate, after CBN accused traders of manipulating the exchange rate by under-reporting transaction rates, and local banks of hoarding USD.

Strong USD, high interest rates on debt killing EM currencies, and US traders/ speculators cashing in on the situation. More reasons here: https://www.vanguardngr.com/2024/01/...5-in-2025-imf/

Thanks beacon. So it's a case of the exchange rate wiping out any gains - not unlike Turkiye. . .

[beacon]

Also, I think, Mairae - the Global X fund manager for NGE, has managed the Fund and currency conversions very poorly. They deserve to have a class action against them for destroying Investor Wealth further by very bad management

[Valuegrowth]

https://qz.com/383388/nigeria-is-the...illion-by-2030