November 6, 2020

Nigeria Economic Update (Issue 40)

Data from the National Bureau of Statistics (NBS) shows that 2,080 road accidents occurred in the second quarter of 2020.ยน Accounting for 47 percent of crashes, speed violation was reported to be the leading cause of crashes, followed by wrongful overtaking which accounted for 10 percent. A total of 855 lives were lost in road crashes with 5,535 people injured during the period. In both cases of injury and death, adults formed the majority amounting to 93 percent and 92 percent respectively. According to the report, men were approximately 4 times more likely to be a victim of road accident than women. The leading number of road accident cases occurred in the following states: Kaduna (177), Ogun (170), FCT (165), and Oyo (138). While the Federal Road Safety Corp (FRSC) penalizes traffic violations, it is imperative to display speed limits, sensitize the public on penalties/fines, and implement an automobile speed violation detection system across the country, particularly in urban areas. This will curb accidents as a result of over speeding and also increase the revenue accruing the government through payment of penalties/fines.

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Nigeria Economic Update (Issue 27)

The Naira strengthened against the dollar in the review week. Specifically, the Naira appreciated by 2.7 percent to N355/$ (parallel market rate) on June 17, 2016, following the release of the flexible FOREX policy guidelines by the CBN on June 15, 2016. The new policy effectively adopts a single market structure hosted at the autonomous/inter-bank market. The inter-bank trading scheduled to commence on June 20, 2016 will be market-determined, officially eliminating the N197/$ peg. To ensure foreign exchange liquidity, primary market dealers have been introduced while the CBN will participate in the market through periodic interventions.