Current Account in Nigeria
Nigeria - Current AccountEconomic growth cooled in the first quarter of the year due to a further deterioration in the key oil sector. This more than offset a strong performance in the services sector leading non-oil sector activity to firm. Second-quarter data paints a mixed picture. Private-sector operating conditions improved at a fractionally slower pace in April–May, while credit growth was also broadly stable in April. That said, inflation rose markedly in the same month. A pickup in core inflation highlights that price pressures are farther-reaching than energy and food price increases. Meanwhile, sectarian violence spread to the country’s relatively safe south-western region. Social tensions and violence could increase going forward, as religious and regional divides are heightening the stakes of the February 2023 presidential elections.
Nigeria - Current Account Data
|Current Account (% of GDP)||-3.1||0.7||2.8||0.9||-3.6|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Current Account Chart
Source: Central Bank of Nigeria
|Bond Yield||11.10||0.0 %||Dec 31|
|Exchange Rate||306.5||3.08 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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August 17, 2022
Consumer prices rose 1.82% month on month in July, stabilizing from June.
July 19, 2022
Nigeria’s Central Bank continued to tighten financial conditions as it raised the monetary policy rate from 13.00% to 14.00% at its 18–19 July meeting.
July 15, 2022
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase.
July 1, 2022
Nigerian private-sector operating conditions improved at the weakest pace in 17 months at the close of the second quarter.
June 17, 2022
Consumer prices rose 1.78% month on month in May, up from April’s 1.76%.