Macroeconomic Report & Economic Updates

August 10, 2017

Nigeria Economic Update (Issue 30)

Recent media highlights suggest that there is a prospective decrease in Nigerias budgetary benchmark crude oil production. Precisely, the 1.8 million barrels per day proposed at the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) meeting, is 18.2 percent lower than the budgetary production benchmark of 2.2 million barrels per day. This followed OPECs recent review to include Nigeria in the ongoing production cut agreement amid concerns of global oil market oversupply, given the constant production increase from Nigeria over the last few months.

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Nigeria Economic Update (Issue 25)

Naira appreciated in the week under review. At the parallel market, naira gained 0.54 percent to exchange at N368/$ on June 23, 20175. This is at the backdrop of injections into the forex market by the CBN to the tune of $195 million at the beginning of the review week, to meet various forex demands. This is amid a slight week-on-week increase in the external reserves (by 0.1 percent to $30.23 billion). Despite the recent naira appreciation, the long-term prospects seem bleak given that the ongoing intervention that seeks to stabilize naira by depleting reserves is unsustainable.