Macroeconomic Report & Economic Updates

November 25, 2016

Nigeria Economic Update (Issue 48)

Crude
oil price decreased in the review week. OPEC weekly basket price reduced by 3.5
percent to $42.06per barrel from November 4, 2016 to November 11,
2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as
indicated in the OPECs October crude data figures (global OPEC and Non-OPEC
oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by
1.92mb/day).

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

Related

 

Nigeria Economic Update (Issue 12)

The naira/dollar exchange rate remained largely stable at the parallel market at ?320/$ during the period7, albeit slight fluctuations on February 29, 2016 (?325/$) and March 2, 2016 (?328/$). The decline in the hoarding of foreign currency as well as the substantial reduction in the speculative demand for dollars were the two key factors responsible for the ease of fluctuations in the forex market8. With the slight increase in the price of crude oil, Nigerias foreign reserve slightly grew by $56 million, from 27.81 billion to $27.84 billion9. With the continued increase in the price of crude oil, a modest build-up of foreign reserve to guard against unfavourable commodity price movements is expected in the near term.