Macroeconomic Report & Economic Updates

July 24, 2017

Nigeria Economic Update (Issue 28)

Latest monthly economic report by the CBN reveals a decline in foreign exchange flows through the CBN. Foreign exchange inflow through the apex bank, dropped Month-on-Month by 21 percent to $2.3 billion in May 2017, occasioned by the fall in from Oil and Non-oil sources during the month.

Download Label
March 13, 2018 - 4:00 am
application/pdf
522.42 kB
v.1.7 (stable)

Related

 

Institutions And Sustainable Industrial-led Development In Sub-Saharan Africa

In 2015, economic growth in Sub-Saharan Africa (SSA) slowed to 3.4 percent from 4.6 percent the previous year. The economic slowdown in the region was the result of an interplay of several external and domestic factors such as lower commodity prices, slowdown in the economies of major trading partners, tightening borrowing conditions, political instability and conflict, electricity shortages and other infrastructure deficiencies (World Bank, 2016). This sluggish growth trends is in contrast to the impressive growth recorded in the region, over the past decade.

Nigeria Economic Update (Issue 9)

Crude oil prices fluctuated during the review week. OPEC weekly basket price decreased marginally from $53.63 on February 24, 2017 to $53.34 on March 3, 2017. Similarly, Brent crude declined (week-on-week) by 0.84 percent to $55.15, while Bonny light decreased by 2.4 percent to $54.4 per barrel. During the week, reports of Russias incomplete compliance to agreed production cut and rising United States crude production/inventories, led to the slight pressure exerted on oil prices. The uncertainties and volatility of global crude oil price stresses the need for the government to channel efforts at developing other key sectors of the economy, particularly the manufacturing sector.

91-Day Treasury Bills

91-Day Treasury Bills: T-bill rate has highly fluctuated overtime on the account of the rise and fall in investor confidence, monetary policy easing/tightening, governments demand for funds, and infl

Nigeria Economic Update (Issue 37)

Recent data by the CBN shows a decline in manufacturing capacity utilization by 2.0 percentage points to 50.7 percent in 2016Q2. Foreign exchange challenges in addition to cash squeeze in the review quarter, led to the decline in capacity utilization. This has hindered activities in the sector while impacting negatively on business confidence. Nonetheless, the CBN recently directed authorized FX dealers to dedicate 60 percent of FX purchases to manufacturers. This policy measure is therefore expected to meet the sectors critical FX need for the purchase of imported raw material and other machineries, while boosting the potential for economic growth in the long term.