Macroeconomic Report & Economic Updates

January 22, 2016

Nigeria Economic Update (Issue 2)

Inflation rate rose slightly to 9.4 percent in
November 2015 from 9.3 percent in the previous month. This rise is attributed
to price increase in Food and Non-Alcoholic Beverages, and Transportation costs
which extends from shortages of petrol across the country. The food
sub-index grew by 0.2 percentage points to 10. 1 percent while, the Core sub-index
declined by 0.2 percentage points to 8.7 percent within the period. The
inflationary up-tick points to the need to curtail the rising food prices by
increasing the supply of petrol in the country. 

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Nigeria Economic Update (Issue 3)

Provisional Monetary statistics by the CBN show an increase in currency in circulation a portion of overall money supply. Specifically, currency in circulation rose (Month-on-Month) by 14.2 percent to N2.2 million in December 2016  the highest Month-on-Month increase recorded for the year 2016. The rise in currency- outside-bank may be attributed to the growing demand for cash balances for spending activities during the festive period. This development would largely compound the liquidity problem associated with TSA implementation and ongoing CBN monetary tightening as deposit money banks might be cash-strapped. Going forward, efforts should be geared towards intensifying initiatives that promote a cashless economy that encourages cashless transactions.