February 2023 Funds Factsheet
Asset Management
1 Mar 2023 · Factsheets
Overview
February saw mixed sentiment across Nigeria's financial markets with buying interest persisting across equities and FGN bonds, while the T-bills market underwent sell pressure. The exchange rate of the Naira in the I&E window remained little changed as the CBN continued to support the currency within a narrow range.
On the macroeconomic side, data according to the National Bureau of Statistics (NBS) for Q4 ‘22 showed that GDP grew by 3.5% y/y compared with the 2.3% y/y recorded in Q3 ’22, driven by telecommunications, trade, agriculture, finance and insurance and manufacturing. For FY ’22, GDP grew by 3.1% y/y vs 3.9% y/y recorded in 2021.
Elsewhere, inflation remained elevated for January 2023 across the headline inflation (+47bps to 21.82% y/y), food inflation (+56bps to 24.32% y/y) and core inflation (+66bps to 19.16% y/y), attributable to the price increases across all the core inflation sub-baskets amid the persistent PMS scarcity, lingering impact of high commodity prices, and foreign exchange pressures.