Emerging Markets Rates and Currencies Handbook

Nigeria (NGN - Nigerian Naira) Citi in Nigeria Citi has been present in Nigeria since 1984 with a focus on Corporate and Investment Banking. Citi offers our local corporate, multinational, public sector and investor clients a suite of products. Citi has led innovation in the Nigerian financial markets — introducing new products, training clients and market participants and solving problems for our clients. Market Overview Managed Float. The Nigerian Naira is a restricted currency with regulated convertibility, as defined from time to time by the Central Bank of Nigeria (CBN). Main Currency Pairs: USDNGN; GBPNGN; EURNGN; JPYNGN; CHFNGN. Central Bank of Nigeria is a significant liquidity provider in the FX spot and forward market. Other flows coming from local exporters (including oil exploration companies), other local USD sellers and portfolio investors. The NGN fixed income market is liquid, tradable and active with tenors of up to 30 years. The main benchmark is Nigerian Interbank Treasury True Yield (NITTY) and it’s published daily by FMDQ. NITTY is a benchmark for tenors up to 1 year. Convertibility Bid side — limited controls (FCY to NGN). Offer side— subject to the rules of the Central Bank of Nigeria (CBN) Foreign Exchange Manual (NGN to FCY). Regulated convertibility. 122