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As Nigeria’s inflation rate continues to erode the purchasing power of consumers amid the continual devaluation of the naira, Nigerians are now moving most of their investment portfolio to dollar-denominated mutual funds.
Consequently, fund managers in the country are now launching more US dollar-denominated funds, with a promise of a return of 5% per annum in order to tap from the rise in demand for such funds.
According to data from the Securities and Exchange Commission (SEC), the net asset value (NAV) of listed dollar-denominated funds stood at N502.83 billion as of 18th June 2021 compared to N479.77 billion recorded at the end of 2020.