Macroeconomic Report & Economic Updates

November 11, 2016

Nigeria Economic Review

This report provides a concise and timely analytical
overview of key aspects of the Nigerian economy. The report is an attempt to
track the developments in the relevant aspects of the economy over a
three-month period. It provides valuable insights into potential drivers of the
economic trends and outlines expectations for subsequent quarters of the year.
The areas of focus are Global Economic Performance, Domestic Economic
Performance, External Sector Performance, and Sectoral Performance. 

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Nigeria Economic Update (Issue 7)

External reserve dropped slightly by 0.6 per cent from $28.35 billion in January 22 to $28.19 billion in January 295. Considering the continuous decline, government has stepped up efforts towards financing the deficit in the proposed budget through borrowing. At the forex market, the official exchange rate remained unchanged at N197/$ while the naira depreciated at the parallel market by 2.36 percent from N297/$ to N304/$ between January 22 and 296. Despite the huge spread between the official and parallel market exchange rates, the monetary authorities maintained its fixed exchange rate regime at the official forex market. It is expected that if the demand pressure for dollar persists, the value of naira may decline in the near term.