Current Account in Nigeria
Nigeria - Current AccountSequential data indicates that activity strengthened somewhat in the second quarter, following sluggish growth in Q1 that was weighed on by lower oil output as a result of pipeline leakages. Due to faster expansions in output and new business, the PMI bounced back from May’s near two-year low in June, bringing the Q2 average above that of Q1. This, combined with buoyant credit growth to the private sector in April–May, and a marked improvement in business confidence in Q2—propped up mainly by the construction and trade sectors—hint at more upbeat business dynamics. Meanwhile, after opting not to endorse the African Continental Free Trade Area (AfCFTA) agreement in March amid pressure from manufacturers and labor unions, President Muhammadu Buhari finally signed the deal on 7 July. Boasting the largest consumer market in the continent, this should strengthen the pact and boost overall intra-regional trade.
Nigeria - Current Account Data
|Current Account (% of GDP)||3.9||0.2||-3.2||0.7||2.8|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Current Account Chart
Source: Central Bank of Nigeria
|Bond Yield||13.53||0.0 %||Jul 31|
|Exchange Rate||306.3||3.08 %||Jul 31|
|Stock Market||0.1||0.0 %||Jul 31|
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August 16, 2019
Consumer prices rose 1.01% on a month-on-month basis in July, down marginally from June’s 1.07% climb.
August 5, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down from 54.8 in June to 54.6 in July.
July 23, 2019
At its 22–23 July meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to leave the monetary policy rate as well as all other monetary policy parameters unchanged, in line with market expectations.
July 15, 2019
Consumer prices rose 1.07% on a month-on-month basis in June, down slightly from May’s 1.11% climb, which had marked the sharpest increase in nearly a year.
July 3, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed to 54.8 in June from 52.9 in May, which had marked the lowest reading since June 2017.