Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
The already challenging environment has become more difficult in recent weeks. Following a second quarter in which oil output eased according to OPEC statistics, and credit and money supply growth slowed notably, conditions have seemingly deteriorated further in Q3. Lockdown measures remained in place through July, while the security situation worsened in August amid kidnappings by armed bandits and attacks on Muslim travelers by Christian militia, likely due to land rights issues. Furthermore, public sector doctors launched an indefinite strike on 2 August amid dissatisfaction with the government. That said, the private sector PMI rose to an 18-month high in July, suggesting that business activity firmed at the outset of Q3 despite the many challenges. In addition, the country received 4 million Moderna jabs from the U.S. in early August, which should help the vaccination drive.Nigeria - Current Account (USD bn) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account Balance (USD bn) | -15.4 | 2.7 | 10.4 | 3.9 | -17.0 |
Nigeria Current Account (USD bn) Chart
Source: Central Bank of Nigeria
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| 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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Economic News
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Nigeria: Inflation ticks down to seven-month low in August
September 16, 2021
Consumer prices rose 1.02% in August, up from July’s 0.93% increase.
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Nigeria: PMI dips in August
September 3, 2021
Private sector business conditions in Nigeria improved at a softer pace in August, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) dropping to 52.2 from the 18-month high of 55.4 in July.
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Nigeria: Inflation ticks down to five-month low in July
August 18, 2021
Consumer prices rose 0.93% over the prior month in July, down from June’s 1.06% increase.
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Nigeria: PMI reaches 18-month high in July
August 2, 2021
Business conditions in Nigeria’s private sector economy continued to improve at the outset of the third quarter, with the Stanbic IBTC Nigeria Purchasing Managers’ Index (PMI) rising to an 18-month high of 55.4 in July from 53.6 in June.
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Nigeria: Central Bank stays put in July
July 28, 2021
The Monetary Policy Committee of the Central Bank of Nigeria stood pat at its 26–27 July meeting, leaving the monetary policy rate unchanged at 11.50% in a unanimous vote.
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