6
May
2017
Africa, News, Sustainable
Update on the FX situation in Nigeria.

As we have written on several occasions, the FX market in Nigeria has not functioned in a long time. Last week the central bank of Nigeria (CBN) therefore introduced the “Investors’ & Exporters’ FX Window” where portfolio investors, among others, going forward are to settle their NGN flows on prices that buyers and sellers agree upon. We have as a consequence decided to use the official NAFEX rate from this window as of May 5th. The last NAFEX price is around 20% lower than previously used rate and explains Fridays’ drop of 8.4% in the Tundra Nigeria & Sub-Sahara Fund. Our two global frontier funds, Tundra Frontier Opportunities and Tundra Sustainable Frontier Fund have small positions in Nigeria (5% and 3% of assets respectively) and was negatively affected by approximately 1% and 0.5% respectively.

Even though this new window hopefully is a step towards a better functioning FX market in Nigeria, it will take time to restore confidence which further strengthens the case for the relaunch of Tundra Nigeria & Sub-Sahara Fund as Tundra Frontier Africa on May 29th. More details on that subject can be found here.

Vänligen välj kundgrupp för att fortsätta

Genom att fortsätta använda webbplatsen samtycker du till vår användning av cookies

Tundra har marknadsföringstillstånd för sina fonder i nedan länder. Tundra har dessutom marknads-föringstillstånd för sin diskretionära förvaltning i Danmark. Genom att klicka på respektive land bekräftar du att du är hemmahörande i något av dessa.

Please select investor type before proceeding

By continuing to use this site you agree to our use of cookies

Tundra has marketing licenses for its funds in the below jurisdictions. In addition, Tundra has a marketing license for managing segregated accounts In Denmark. You confirm your jurisdiction by clicking on one of the links below.

Kundgrupp / Investortype:

* Ontario and Quebec