In 2023 Nigeria will see high but gradually moderating inflation rates. Monetary tightening will continue, and interest rates will be high as the Central Bank of Nigeria (CBN) heads off inflation. The implication is that fixed-income instruments will see lower prices as yields climb in the short end of the market but fall at the longer end. The foreign exchange market will remain high as export revenues are not likely to grow fast enough to improve the exchange rate. Traders may find it useful to buy currency futures to hedge against the adverse effect of the naira decline on imported goods and services.

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