Overview

The first quarter of the year ended with a wave of economic uncertainty both domestically and globally. The sweeping, unilateral tariffs from the US and retaliatory measures by some of the targeted countries are raising recession concerns globally. In Nigeria’s case the impact may first be felt in the FX market and with the oil price and potential effect on government revenues. On the macro front, inflation for February came in at 23.18% from 24.48% in January on the back of high base effects and lower food prices during the month. As a result, we saw investor reaction in the fixed income market, particularly the Nigerian T-bills market, as investors continue to price in a dovish stance from the CBN at their next MPC meeting scheduled for May.

Explore the full report for deeper insights into these trends and their implications for investors.

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