According to the World Bank, the Nigerian currency (naira) has depreciated by almost 40% since the beginning of 2023. The depreciation is not only limited to Nigeria. Other African countries’ currencies also depreciated, although at a low rate. The top five worst-performing currencies identified by the World Bank are Nigeria (40%), South Sudan (33%), Burundi (27%), the Democratic Republic of the Congo (18%), and Kenya (16%). Nigeria operates multiple exchange rates: the official rate and the parallel rate.
October 27, 2023
Nigeria Economic Update (Issue 40)
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Nigeria Economic Update (Issue 50)
In the third quarter of 2017, NBS report show that Nigeria recorded a marginal quarter-overquarter and significant Year-on-Year increases in the value (in Naira terms) of merchandise (goods) foreign trade. At N5.92 trillion, total merchandise trade increased 3.9 percent over the preceding quarter and 23.9 percent over the corresponding quarter in 2016. Specifically, with exports rising QOQ by 15.2 percent to N3.57 trillion and imports shrinking by 9.4 percent to N2.35 trillion, trade balance amounted to a surplus of N1.22 trillion in 2017Q3- a substantial 142 percentage increase (QOQ) in trade surplus value.
Nigeria Economic Update (Issue 43)
Crude oil prices have sustained upward increases for the past few weeks in October. While upward trajectory of crude oil prices is expected to be sustained in the short term in line with OPECs production cuts deal expected to run until March 2018, it is important to note that crude oil prices would remain volatile. The Nigerian government therefore should take advantage of periods of high revenue from crude oil exports to develop other sectors (such as Agriculture, Manufacturing and Services sectors) of the economy as key exporting and revenue generation sectors, and thus minimize volatility risks