Macroeconomic Report & Economic Updates

June 17, 2016

Nigeria Economic Update (Issue 26)

The All-Share index
(ASI) and Market Capitalization both depreciated (week-on-week) by 1.45 percent
for the second consecutive trading week- June 3, 2016 to June 10, 20166.
ASI depreciated by 401.8 points from 27,634.42 points to 27,232.62 points,
while Market Capitalization declined by N140billion from N9.49 trillion closing
the week at N9.35 trillion. All other indices declined, with the exception of NSE
ASem Index, NSE Insurance Index, and NSE oil/Gas Index. The delay in the
implementation of proposed forex policy continues to adversely affect stock
market performance. However, with growing speculations that the new FOREX
guidelines would be released in the succeeding week, market indices could
perform better subsequently. Hence, monetary authorities should ensure the timely
release and implementation of the new FOREX policy to boost investors
confidence in the near term and ensure price stability in the capital market.

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Nigeria Economic Update (Issue 29)

Global oil price edged upwards in the review week. International crude benchmark, Brent, rose week-on-week by 3.1 percent to $50 per barrel as at July 21, 20173 a level it had not attained since June. The remarkable gains followed demand-side progress earlier statistics from China showed increase in crude imports, indicating prospects of higher demand. This was also complimented by the huge drop in US domestic crude production (Crude reserves fell by 4.7 million barrels). If the trend is sustained, Nigeria could record further rise in its Gross Federally Collected Revenue. Nevertheless, there remains a need for Nigeria to overcome the challenge of harnessing its oil and gas resources by making strategic policy choices andensuring coordination in policy implementation to minimize macroeconomic distortions.