Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
Economic 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 (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: Central Bank delivers another rate hike in July
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.
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Nigeria: Inflation soars in June
July 15, 2022
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase.
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Nigeria: PMI moderates in June to 17-month low but remains in expansionary territory
July 1, 2022
Nigerian private-sector operating conditions improved at the weakest pace in 17 months at the close of the second quarter.
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Nigeria: Inflation rises in May
June 17, 2022
Consumer prices rose 1.78% month on month in May, up from April’s 1.76%.
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Nigeria: PMI moderates in May
June 1, 2022
Nigerian private-sector operating conditions improved at a softer pace in May.
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