Emerging market rally eludes Nigerian stocks, naira

First, it was the oil price rally that did not benefit Africa’s largest oil producer, and now, it is a rally in emerging market stocks and currencies that look set to elude the country.

With global inflation slowing and central banks warming up to a slowdown in interest rate hikes, emerging market currencies and stocks have benefitted this year but a lack of reforms in Nigeria is seen scuttling the country’s chances of playing a role in the expected rally in developing assets.

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