Macroeconomic Report & Economic Updates
May 10, 2017
Nigeria Economic Update (Issue 15)
Nigerian
Naira depreciated by 1.2 percent at the parallel foreign exchange market
between April 7, 2017 and April 14, 2017. The naira exchanged at N410/$ as
against N405/$ the previous week. Despite the CBNs weekly dollar
sales to BDCs ($20,000 to each BDC in the review week) and spot market sales of
$100 million to SMEs, the nairas depreciated in the week. This may
likely be attributable to speculative motives (on the basis that speculators
likely anticipate that the CBN forex interventions may not be sustainable).
Related
Africa Economic Update (Issue 3)
Available data shows that headline inflation rates increased and remained high in most countries in the region in February 2017. Specifically, inflation rate increased in Egypt (30.2), Burundi (20.9 percent), Kenya (10.28), and Ethiopia (8.5 percent), while it eased in Nigeria (17.78 percent), Ghana (13.2 percent), South Africa (6.3 percent), and Namibia (7.8 percent). Seychelles (-0.6 percent) remained in deflation while Sudan (32.86 percent) and Tunisia (4.6 percent) had unchanged inflation rates within the review period. Increased cost of food continued to plague the region as food component of inflation remained the major driver of inflation. Drought in East Africa continues to compound price pressure in the region. Inflation rates in Burundi6, Kenya and Ethiopia increased by 8, 3.29, and 2.4 percentage points respectively, signifying the three highest price increase in the review period