Monthly Archives: November 2022

Nigerian Macroeconomics Commentary

Nigeria’s GDP growth slows on weak oil production, non-oil remains resilient: The National Bureau of Statistics (NBS) reported Q3 2022 output data which showed a deceleration in economic growth to 2.25% y/y relative to 3.54% print in Q2 2022. The main driver of the slowdown was the oil sector where output shrank 22% in Q3 […]

Nigeria – Macroeconomics Commentary

Inflation lost steam in October: False alarm or disinflation? The NBS put out CPI data for October which showed that headline inflation came in at 21.09%, behind market expectations for 21.3%. This reflects a second month of deceleration in the monthly print to 1.24% (September: 1.36%) due to a slowdown in food inflation. However, dissecting […]

Nigeria – Fixed Income Weekly

CBN’s planned changes to Naira banknotes, much ado about nothing: On Tuesday, the CBN announced that it had received presidential approval to change the design of three bank notes (NGN200, NGN500 and NGN1000). In justifying its decision, the CBN cited a discomfort with large currency holdings outside the banking system (September 2022: 85% of currency […]