The experts who believed that only peaceful polls could restore confidence in the market, sustain the uptrend and spur the expected recovery post-election, also urged politicians to refrain from unguarded utterances to avoid heating up the system.
Total domestic transactions on the NGX accounted for about 77 per cent of the total transactions carried out in 2021. Similarly, the market also returned 5.86 per cent gain within eight months in 2018 pre-election year. Already, analysts at CardinalStone Partners Limited have stated that the build-up to the 2023 election will keep foreign investors at bay and throw up more financial account-related concerns.
In addition to these global factors, they pointed out that lack of market reflective FX rates, illiquidity and a backlog of uncleared foreign exchange demand dampened investors’ sentiments.