Macroeconomic Report & Economic Updates
January 22, 2016
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.
Related
Nigeria Economic Update (Issue 28)
Latest monthly economic report by the CBN reveals a decline in foreign exchange flows through the CBN. Foreign exchange inflow through the apex bank, dropped Month-on-Month by 21 percent to $2.3 billion in May 2017, occasioned by the fall in from Oil and Non-oil sources during the month.
Nigeria Economic Update (Issue 39)
The monthly monetary survey by the CBN shows a decline in money supply for the month of August 2017, relative to July 2017. Narrow and broad money supply dropped by 4.2% and 1.5% to N9,891 billion and N21,851 billion respectively. The continuous monetary contraction witnessed over the past months may be associated with aggressive sale of treasury bills by the CBN through open market operations. This act is capable of mopping up liquidity in the economy, reduce loanable funds in the banking system, and constrain the easing of lending rates in the near term.