Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
The economy shifted into a lower gear in the first quarter of 2019, with annual growth moderating from the over-three year high logged in Q4 2018. Weaker momentum in both the non-oil segment of the economy and a further deterioration of the all-important energy sector, which contracted for the fourth consecutive quarter, led the slowdown. That said, the manufacturing PMI climbed to a five-month high in April, suggesting the economy entered Q2 on stronger footing. In other news, last month President Muhammadu Buhari signed a bill which will raise the minimum wage by over 65% to NGN 30,000 per month. Although its full implementation will take some time, this bodes well for household incomes and thus consumer demand going forward. Meanwhile, on 9 May, Buhari nominated Central Bank Governor Godwin Emefiele—whose current term ends in June—for a second five-year term, signaling the continuity of monetary and FX policy ahead.Nigeria - Current Account (USD bn) Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account Balance (USD bn) | 19.2 | 0.9 | -15.4 | 2.7 | 10.4 |
Nigeria Current Account (USD bn) Chart
Source: Central Bank of Nigeria
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 15.60 | 0.0 % | Jun 14 |
| Exchange Rate | 306.5 | 3.08 % | Jun 14 |
| Stock Market | 0.1 | 0.0 % | Jun 14 |
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Economic News
Nigeria: Inflation holds steady in May
June 17, 2019
Consumer prices rose 1.11% on a month-on-month basis in May, up from April’s 0.94% climb and the sharpest increase in 10 months.
Nigeria: PMI falls to near two-year low in May
June 7, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged down from 55.5 in April to 52.9 in May, the lowest reading since June 2017.
Nigeria: Central Bank stays put in May
May 21, 2019
At its 20–21 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) left the monetary policy rate as well as all other monetary policy parameters unchanged, broadly in line with market expectations.
Nigeria: Economy shifts into lower gear at the start of 2019
May 20, 2019
Nigeria’s economy entered 2019 on a softer note, with GDP growth decelerating to 2.0% on an annual basis in the first quarter.
Nigeria: Inflation inches up in April
May 15, 2019
Consumer prices rose 0.94% on a month-on-month basis in April, up from March’s 0.79% climb.
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