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.

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