JP Morgan index to drop half its Nigerian bonds on Wednesday

By Chijioke Ohuocha LAGOS (Reuters) - Half the Nigerian bonds listed on JP Morgan's emerging markets bond index (GBI-EM) will be removed on Wednesday and the rest next month, the U.S. bank said on Tuesday. JP Morgan said this month it would drop Africa's largest economy from its index, citing a lack of liquidity and currency restrictions. The bank said in a note 50 percent of bonds will be removed as of Sept. 30, part of its month-end index rebalancing, cutting Nigeria's weight to 0.79 percent.