Macroeconomic Report & Economic Updates

March 1, 2017

Nigeria Economic Update (Issue 7)

Recent domestic Crude oil statistics from the Nigerian National Petroleum Corporation (NNPC), reveals an increase in total crude oil export sales in December 2016. Relative to November 2016, total export sales of crude oil rose from $166.18 million to $195.40 million in December 2016 representing 17.6 percentage (Month-on-Month) increase. The increase is attributable to a rise in crude oil production following a drastic (Year-on-Year) reduction in pipeline vandalism in the preceding month. Given that improvement in oil revenue is critical to fiscal sustainability and external balance, intensified efforts should be implemented towards the maintenance and sustainability of peace in the Niger Delta Region.

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Nigeria Economic Update (Issue 32)

The naira continued its downward trajectory this week. Specifically, naira depreciated at the interbank segment by 3.45 percent to N300/$; and by 3.56 percent to 378/$ at the parallel segment. Despite the CBNs effort to support the naira with Forwards and FOREX futures, the excess demand for dollar continues to put pressure on the naira. Looking forward, the stabilization of exchange rate depends on the ability of the CBN and government to attract capital inflows; particularly by raising interest rate, tackling inflation and supporting economy recovery.