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21 September 2021

PFAs look to dollar assets to protect contributors’ fund

PFAs are working together with PenCom to develop a framework that will enable pension funds be invested in dollar-denominated assets. As Nigeria’s naira continues its freefall against the dollar, resulting in increased erosion of most investment assets including pension funds, Pension Fund Administrators (PFAs) are looking to dollarised investment windows

PFAs are working together with PenCom to develop a framework that will enable pension funds be invested in dollar-denominated assets. As Nigeria’s naira continues its freefall against the dollar, resulting in increased erosion of most investment assets including pension funds, Pension Fund Administrators (PFAs) are looking to dollarised investment windows to hedge against the devaluation of assets. They are therefore engaging the industry regulator, the National Pension Commission (PenCom), to come up with a workable model that will enable PFAs to invest in dollar-denominated assets outside Nigeria, as provided in the pension law. This is so that in the medium to long term, contributors and retirees could have bolster to accommodate increasing devaluations of the local currency. - BusinessDay online