As the Central Bank of Nigeria, Monetary Policy Committee, MPC, meets today and tomorrow, stock market investors are betting on the outcome, given the delay in approving the audited results of the banks for the full financial year 2023.
Investment decisions are expected to be influenced by the outcome of the meeting, which will be announced tomorrow, particularly in the financial sector.
Analysts at InvestData Consulting Limited pointed out that investors’ sentiment and confidence in the sector are already affected, by the CBN’s delay in approving bank results as well as on the broader market, according to Vanguard.
In their view, the MPC is sacrificing the economy to attract foreign inflows that will help tackle currency problems by improving the FX supply.
The FX prioritization has already secured a quick win as CBN, last week, cleared all the FX backlogs and naira has started appreciating while the nation’s external reserve is also looking up after many months of decline.
The FX prioritization has already yielded instant gratification as CBN, last week, cleared all the verified FX backlogs and naira has started appreciating while the nation’s external reserve is also tilting northward after many months of decline.
