Deutsche Bank is watching the naira closely enough to put real money behind the view. The German banking giant has added Nigeria to its frontier foreign exchange monitor, a signal that the institution is officially bullish on where the currency is heading.
The move places Nigeria in select company among the frontier markets Deutsche Bank tracks for currency opportunity. For a major global lender to formalize that kind of attention is a meaningful vote of confidence in the direction of Nigeria's monetary environment.
What this means on the ground is still unfolding, but the inclusion alone sends a message to other institutional investors who follow Deutsche Bank's lead on emerging and frontier market calls. Eyes are now on how the naira performs under that spotlight.
Originally published by BusinessDay.