2023 elections’ll decide FX future – Analyst

Joy Onuorah
Joy Onuorah

Bisola Fatoye


The head of investment research at Parthian Securities Limited, Oluwaseun Dosunmu, stated that the upcoming elections would ultimately define the future course of the foreign exchange market.

Dosunmu stated that the elections, which would result in a change in the country’s political leadership, would have a significant impact on how both foreign and domestic investors would react to the country’s investment market.

He predicted this yesterday, saying that the future administration would prioritize proper FX management since a favorable model and orderly election would attract a flood of international investors.

Dosunmu asserted, “This is the right time to buy stocks” in the face of mounting uncertainty since many investors would flood the market following the February presidential election, driving up the price of equities. He highlighted a credible and fair election as one of the elements that will influence market performance in addition to low interest rates, new listing and capital market reforms, and solid corporate profitability.

Continuing monetary tightening, low earnings, election violence, and poor listed equity earnings, he added, might result in a negative outcome.

The investment banker predicted rising oil prices and an ongoing, slower monetary tightening, as well as a continuation of some of the problems that characterized the economy’s performance in the previous year, albeit with some moderating effects.

With returns of 71.2% and 69.2% respectively, Airtel and Seplat dominated the performance of Nigerian stocks last year. BUA Foods, Bua Cement, and newly-listed Geregu Power came after the dual-listed stocks.

This year, Dosunmu selected Seplat and Airtel as stocks to watch. MTN, Zenith Bank, UBA, Nestle Dangote Cement, and Lafarge are a few more. Total Energies and Nigerian Breweries are also included.

Tobi Olusoga, the chief operating officer of I-invest, a Parthian Group investment app, urged users to think about flexibility and diversity while managing their portfolios.

I-invest, according to her, will let consumers reach their financial objectives while traveling.

She said that the program gave users access to both domestic and foreign financial markets and allowed them to place orders even after trading hours.

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