Macroeconomic Report & Economic Updates

January 22, 2016

Nigeria Economic Update (Issue 2)

Inflation rate rose slightly to 9.4 percent in
November 2015 from 9.3 percent in the previous month. This rise is attributed
to price increase in Food and Non-Alcoholic Beverages, and Transportation costs
which extends from shortages of petrol across the country. The food
sub-index grew by 0.2 percentage points to 10. 1 percent while, the Core sub-index
declined by 0.2 percentage points to 8.7 percent within the period. The
inflationary up-tick points to the need to curtail the rising food prices by
increasing the supply of petrol in the country. 

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Nigeria Economic Update (Issue 4)

The Naira/Dollar exchange rate remained unchanged at ?199/$ in the official market but depreciated from ?263/$ to $267 at the Bureau De Change (BDC) market segment this week. As the naira depreciates, the CBN forex restriction measures continue to widen the gap between the official rate and BDC, which has led to increased calls for naira devaluation. The International Monetary Fund (IMF) and Business owners are among the major advocates for a relaxation of the forex restrictions set by the CBN, in order to enhance the level of economic activities.