International Journal of Sub-Saharan African Research (IJSSAR)

Background: In Nigeria’s financial market, a critical gap persists between the stochastic mathematical realities of economic indicators and the qualitative narratives presented to the retail public. Quantitative measures such as volatility, inflation, and exchange rate movements are frequently mediated through journalistic framing, which shapes investor perception and market behaviour; however, there exists a gap on how effectively financial journalism translates complex mathematical market signals into accurate, accessible, and non-distortionary narratives for retail investors, particularly during periods of heightened market volatility. Furthermore, limited empirical attention has been given to the extent to which such media interpretations align with underlying quantitative data or contribute to mispricing, irrational investment decisions, and amplified market uncertainty.
Objective: This study examined how accurately Nigerian financial media interpret complex quantitative indicators in reporting market performance. It identified framing techniques used during periods of high volatility and assessed whether such frames distort mathematical realities.
Method: Adopting a conceptual review approach, the study was anchored on Media Framing Theory and Information Asymmetry Theory. Relevant literature on financial journalism, statistical communication, and behavioural finance was critically analysed to interrogate patterns of interpretive distortion and their implications for market efficiency. Results: The analysis reveals a significant “Translational Divergence” between statistical measures and media narratives. Neutral indicators such as standard deviation and currency fluctuations are often reframed in alarmist terms, particularly during market turbulence. Such representations heighten perceived risk and may trigger reactionary behaviours, including panic selling and speculative dollarisation.
Conclusion: The study concludes that limited mathematical literacy in financial journalism contributes to information asymmetry and market inefficiency in Nigeria.
Unique Contribution: The study introduces Translational Divergence as a framework for analysing distortions in financial reporting.
Key Recommendation: It recommends integrating data science into journalism training and fostering collaboration with the Mathematical Association of Nigeria to standardise quantitative reporting.