Macroeconomic Report & Economic Updates
May 10, 2017
Nigeria Economic Update (Issue 15)
Nigerian
Naira depreciated by 1.2 percent at the parallel foreign exchange market
between April 7, 2017 and April 14, 2017. The naira exchanged at N410/$ as
against N405/$ the previous week. Despite the CBNs weekly dollar
sales to BDCs ($20,000 to each BDC in the review week) and spot market sales of
$100 million to SMEs, the nairas depreciated in the week. This may
likely be attributable to speculative motives (on the basis that speculators
likely anticipate that the CBN forex interventions may not be sustainable).
Related
Nigeria Economic Update (Issue 36)
global Value
Nigeria Economic Update (Issue 13)
Recent Data on Nigerias Real GDP growth rate
(Year-on-Year) declined by 0.73 percentage points, from 2.84 per cent in 2015Q3
to 2.11 percent in 2015Q4. The slowdown in economic growth was
largely driven by the decline in the performance of the oil sector which was
occasioned by the slump in crude oil prices and the slight drop in the volume
of crude oil produced. Specifically, compared to the 1.05 percent growth
recorded in 2015Q3, the oil sector witnessed a negative growth of 8.28 percent in 2015Q4.