International Reserves in Nigeria
Nigeria - International ReservesEconomic activity seems to have picked up in the third quarter, after easing in the second quarter on frail dynamics in the non-oil economy. Hinting at improving private-sector conditions, credit provision remained upbeat in the quarter, while the PMI averaged higher from Q2 thanks to firmer new orders growth. Moreover, oil output was buoyant in Q3 according to preliminary OPEC data, likely lending further support to overall activity. Going forward, the PMI only ticked down in October, suggesting that business activity held broadly steady at the start of Q4. In other news, on 4 November, President Buhari signed a bill into law that amends existing oil production-sharing contracts by increasing royalty payments made to the government. The measure was part of the 2020 budget presented last month and aims to boost revenue by around USD 1.5 billion. The move, however, has raised concerns over the financial viability of future projects and effects on potential oil output.
Nigeria - International Reserves Data
|International Reserves (USD)||43.6||34.5||29.1||25.8||38.8|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria International Reserves Chart
Source: Central Bank of Nigeria
|Bond Yield||14.13||0.0 %||Sep 04|
|Exchange Rate||306.5||3.08 %||Sep 04|
|Stock Market||0.1||0.0 %||Sep 04|
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November 5, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down to 56.9 in October from 57.1 in September, which had marked the highest reading since June 2018.
October 15, 2019
Consumer prices increased 1.04% on a month-on-month basis in September, up from August’s 0.99% rise.
October 14, 2019
On 8 October, President Muhammadu Buhari presented a record NGN 10.3 trillion 2020 budget to the National Assembly, the first of his second term after winning re-election in February.
October 4, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 56.4 in August to 57.1 in September, marking the highest reading since June 2018.
September 23, 2019
At its 19–20 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to hold its monetary policy rate, as well as all other monetary policy parameters for the third consecutive meeting, as had been broadly expected by analysts.