Marion Mühlberger of Deutsch Bank Research wrote(pdf) in June 2007 about the lack of USD-denominated investment opportunities within Nigeria:
The redemption of the Brady bond by Nigeria last November has considerably reduced USD-denominated investment opportunities. As investment options in USD and EUR are scarce, institutional investors go for synthetic bonds, so-called credit linked notes. Another option is corporate bonds, e.g. USD-denominated bonds issued by large Nigerian financial institutions. However, these entail additional company-specific risks and frequently require a very high minimum investment. The stock market also offers very few opportunities for private investors as emerging markets share certificates in the past did not cover Nigeria at all due to a lack of liquidity in the market; at present, this is the case to only a small degree. But the Nigerian capital markets are making quick progress so over the next few years we will see improving investment opportunities in the country
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