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 16)
Nigerias Bonny light price declined by 7.1 percent from $40.19 per barrel on March 24, 2016 to $37.32 per barrel on April 1, 20162. OPEC weekly basket price also decreased by 3 percent from $35.81 per barrel to $34.74 per barrel within the same period3. The remerged downward trend in crude oil price is traceable to concerns over the likely failure of the oil production freeze deal between Saudi Arabia and Iran4. The outcome of the oil production freeze meeting which is scheduled to hold on April 17, 2016, will give further direction for oil supply regulation.
A Review Of Nigerias 2016 Budget
This study
reviews and assesses the 2016
budget of the Federal Republic of Nigeria in line with IMFsbudget assessment indicators, namely: comprehensiveness, transparency, and
realism. The assessment is based on
clear understanding of the present
administrations objectives, which are: to achieve socio-economic
and infrastructural development, to diversify the Nigerian economy, and to
achieve improved security of lives and properties.