Coronation Merchant Bank has predicted that foreign exchange liquidity crisis affecting the economy may linger futher.
“For Nigeria, FX liquidity constraints are likely to continue in the near term. It is an election year, there are concerns around demand-pull inflation on the back of expected spending associated with electioneering.”
However, Egwim explained that the implementation of the recent naira redesign policy could assist with abating this inflation risk. According to her, “there are also concerns around policy continuity post-election, as well as an expected lull in economic activity on the back of the transition phase. Nigeria’s GDP growth is expected to maintain its growth trajectory but at a relatively slower pace in 2023.”
Commenting on the report, the MD/CEO of Coronation Merchant Bank, Banjo Adegbohungbe, stated that “The impact of recent global economic shocks on the Nigerian economy were prevalent in 2022 and are expected to persist in 2023. However, there will be opportunities to unlock new growth, particularly in the second half of the year.
The report covers global economic headwinds and growth trends, inflationary pressures and expectations, dynamics in the domestic oil market, exchange-rate expectations, thoughts around monetary and fiscal policies and sectoral trends, amongAll rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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