Nigeria having a tough time as oil prices plummet. Yet  Nigeria will probably remain in JPMorgan Chase & Co.’s local-currency emerging-market bond indexes tracked by over $200 billion of funds, according to the central bank governor.

“The main issue was liquidity and we are convinced that liquidity has come up to the level they desire,” Governor Godwin Emefiele said by phone from Abuja. “It’s gone to a range of about $250 million to $300 million a day.”

JPMorgan placed Africa’s largest economy and oil producer on “index watch negative’’ for its GBI-EM indexes on Jan. 16, saying central bank measures in December had reduced foreign exchange and bond trading and made it difficult for investors to replicate the gauge. The New-York based lender said it would make a decision within five months.
Nigeria, which derives 90 percent of export earnings and 70 percent of government revenue from oil, has been battered by crude prices that have fallen by half since June.
The central bank increased interest rates to a record 13 percent in November in a bid to stem outflows and stabilize the naira, which has weakened 17 percent against the dollar in the past six months,