Pressure on the Nigerian naira is building ahead of the crucial Monetary Policy Committee (MPC) meeting scheduled for Tuesday.
The policy committee will convene for the first rate decision meeting this year amid a deepening oil price rout and increased calls for a devaluation.
We are not optimistic that the MPC will provide a clear strategy for the normalisation of FX conditions, although we expect a partial reversal of recent months’ accommodative actions.
Due to its growth-oriented bias, we remain cautious of further unconventional policy decisions.
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