The National Bureau of Statistics (NBS) publication on Terms of Trade (TOT) shows a deterioration in Q2 2023. Term of Trade measures the relative price of imports to exports. In April, it was 100.8 and reduced to 100.72 in May. It further reduced to 100.67 in June. As a result, TOT reduced by 0.13 percent on average in Q2 2023.
October 11, 2023
Nigeria Economic Update (Issue 38)
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Nigeria Economic Update (Issue 25)
Naira appreciated in the week under review. At the parallel market, naira gained 0.54 percent to exchange at N368/$ on June 23, 20175. This is at the backdrop of injections into the forex market by the CBN to the tune of $195 million at the beginning of the review week, to meet various forex demands. This is amid a slight week-on-week increase in the external reserves (by 0.1 percent to $30.23 billion). Despite the recent naira appreciation, the long-term prospects seem bleak given that the ongoing intervention that seeks to stabilize naira by depleting reserves is unsustainable.