Park Your Money in Nigeria, a Haven Amid Emerging-Market Mayhem
Pedestrians pass city office buildings in Lagos.
Photographer: Tom Saater/BloombergThis article is for subscribers only.
Investors looking for a haven amid the rout in emerging markets over the past two months would have found one in Nigeria’s domestic debt.
Naira bonds issued by the government have returned 8.4 percent in dollar terms this year, the most in the Bloomberg Barclays Global EM Local Currency Index, which includes 25 countries from Argentina to Turkey. And it’s the only local-currency debt not to have made losses this quarter.