Cordros Capital Limited has predicted high inflation and volatile equity market in the Nigerian economy for 2023.
The team also disclosed that there is a high possibility that in 2023, the oil GDP will increase by on favourable base effects and higher crude oil production and the non-oil sector by +2.45% y/y. According to him, “The naira remained pressured against the US dollar, given the limited FX supply at the official windows amid increased FX demand.
However, it switched to a hawkish stance in May as external pressures mounted amidst increased inflationary pressures. After that, they would expect the committee to keep the MPR unchanged as the risks of overtightening take centre stage at the meetings, more so that global central banks are expected to have ended their interest rate hiking cycle by then.
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