Monetary Policy Committee Meeting Update – July 2024 | Tapping the Breaks
Following the 296th CBN Monetary Policy Committee (MPC) meeting held on the 22nd and 23rd of July 2024, the committee decided to extend their restrictive monetary policy measures for the fourth (4th) consecutive meeting this year. These measures reflect the committee’s ongoing efforts to manage inflation and stabilize the economy. Notably, this is the slowest […]
June 2024 CPI Report | Bucking the Trends
Headline Inflation Transcends to 34.19% YoY in June 2024 According to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) for June 2024, Nigeria’s headline inflation rate continued its upward trend, rising by 24bps to a staggering 34.19% Year-on-Year (YoY) compared to 33.95% YoY reported in May 2024. This increase […]
Post MPC Meeting Report May 2024- MPC Maintains Tightening
The Central Bank of Nigeria (CBN) maintained its hawkish stance at its 295th Monetary Policy Committee (MPC) meeting on May 20th-21st, 2024. The Monetary Policy Rate (MPR) was tightened further by 150bps to 26.25%. This decision is a strong signal of the apex bank’s commitment to curbing inflation and addressing FX pressures through contractionary monetary […]
April 2024 CPI Report – A Tale of Two Sides
A Tale of Two Sides Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) for April 2024. Inflationary pressures persisted as headline inflation climbed 49bps to 33.69% YoY compared to 33.20% YoY in March 2024. This uptick was driven by both food inflation (+52bps to 40.53% YoY) and core inflation (+94bps […]
Post Monetary Policy Committee Meeting March 2024 – CBN Maintains Hawkish Stance
Post Monetary Policy Committee Meeting March The second (2nd) Monetary Policy Committee (MPC) meeting in 2024 held on the 25th and 26th of March. The committee reviewed recent economic and financial developments as well as assessed risks to the outlook. Following its deliberation, the committee decided to tighten the MPR by 200bps to 24.75% from […]
February 2024 CPI Report: Inflation Marches on
Inflation Marches on Yesterday, the National Bureau of Statistics (NBS) published the Consumer Price Index (CPI) for February 2024. The headline inflation continued on its upward trend, soaring by 180bps to 31.70% YoY compared to 29.90% YoY reported in January 2024. This upsurge was propelled by increases in its two (2) significant subcomponents: food (+251bps […]
Q4 2023 and 2023FY Foreign Trade in Goods Statistics Report -Breaking the Surplus Streak
Breaking the Surplus Streak Recently, the National Bureau of Statistics (NBS) published the Foreign Trade in Goods statistics report for Q4:2023. On a Quarter-on-Quarter (QoQ) basis, Total Imports (+56.04% to NGN14.11trn in Q4:2023 vs. NGN9.04trn in Q3:2023) and Total Exports (+22.68% to NGN12.69trn in Q4:2023 vs. NGN10.35trn in Q3:2023) recorded significant increases. Consequently, we observed […]
Post Monetary Policy Committee Meeting February 2024 – MPC Takes a More Aggressive Stance Against Inflation
Post Monetary Policy Committee Meeting February The first (1st) Monetary Policy Committee (MPC) meeting chaired by the new Central Bank of Nigeria (CBN) Governor, Dr. Yemi Cardoso, was held on the 26th and 27th of February 2024. At the meeting, monetary policy tools were aggressively tightened to rein in inflation and curb excess money supply. […]
Q4:2023 and 2023FY GDP Report | Nigerian Economy Still On the Path of Expansion
Nigerian Economy Still On the Path of Expansion Recently, the National Bureau of Statistics (NBS) published the Gross Domestic Product (GDP) report for Q4:2023. For the thirteenth (13th) consecutive quarter since Q2:2020, the Nigerian economy grew by 3.46% YoY, an improvement from Q3:2023 (+2.54% YoY). This was spurred by growth in both the oil (+12.11% […]
Q4 2023 Capital Importation Report- Turning the Tide Nigeria Sees Capital Inflows Rebound
Turning the Tide Nigeria Sees Capital Inflows Rebound Recently released by the National Bureau of Statistics (NBS), the Q4:2023 capital importation report reveals a 2.62% year-on-year (YoY) increase, reaching USD1.09bn compared to the USD1.06bn recorded in Q4:2022. This growth stems from a significant rise in two major components: Foreign Direct Investment (+ 118.42% YoY to […]
