Macroeconomic Report & Economic Updates
May 31, 2017
Nigeria Economic Update (Issue 20)
The Naira maintained slight appreciation against the dollar in the review week. At the parallel market, the value of the Naira appreciated week-on-week by 1.6 percent to exchange at N380/$ on May 19, 2017. In addition, inter-bank market rate appreciated slightly by 15kobo to N305.45/$. The appreciation in both segments of the market are favorable effects of the CBNs continued forex supply in the week under review (In a bid to further ease forex liquidity, the CBN pumped a total of $457.3 million on May 15, 2017).
Related
Nigeria Economic Update (Issue 49)
Nigerias
Petroleum Products Imports statistics show a gradual reduction in the volume
and value of petroleum imports (PMS, AGO, HHK) between May and September 2016. Specifically,
volume of imports declined by 34.1 percent for PMS, 37.6 percent for AGO, and
60.3 percent for HHK in the period.The significant decline in
imports in the reporting periods may be as a result of persistent forex
scarcity issues faced by importers. On account of stagnation in
domestic production of refined petroleum products, continuous
decline in oil imports may create a demand gap with upward pressure on gasoline
prices in the economy.