Monthly Archives: September 2020

A summer of higher food prices, limited room for monetary policy

Headline Inflation has assumed a new pattern over the last three months, primarily driven by pressures in the food basket, reflecting a shock to crop cultivation from covid-19 restrictions and border closures. In addition, more recent developments in currency markets, where the Naira has weakened, as well as the increases in petrol prices following the […]

Q2 2020 GDP Report: Covid-19 restrictions and OPEC+ compliance force a contraction, but a short-lived recession on the cards

The Nigerian Bureau of Statistics released its Q2 2020 report which in line with the pattern across most economies showed a covid-19 induced contraction of 6.1%. This print looks less worse that the large declines observed across many developed countries which, in my view, is testament to the less strict nature of compliance with covid-19 […]