Nigeria Economic Update Issue 16
This short report discusses the following: The first article is about the Purchasing Managers Index which measures business performance in the Manufacturing and Non-Manufacturing sector of the economy which improved slightly, although it under-performed (below 50 percent) for the third consecutive month. The next article discusses the Crude Oil Price - Nigeria’s Bonny light price declined by 7.1 percent from $40.19 per barrel on March 24, 2016 to $37.32 per barrel on April 1, 2016. The OPEC weekly basket price also decreased by 3 percent from $35.81 per barrel to $34.74 per barrel within the same period. The next article is on the Stock Market and Investment - The All-Share Index (ASI) and Market Capitalization depreciated by 1.52 percent between March 24, 2016 and April 1, 2016. The ASI depreciated from 25,899.91 points to 25,5o7.09 and the Market Capitalization decreased from N8.91 trillion to N8.77 trillion within the period. Forex Exchange and Foreign Reserve - At the Bureau de Change (BDC) market segment, the Naira/ dollar exchange rate was relatively stable at the average rate of N323/ $ between March 24, 2016 and April 1, 2016. The relative stability of the forex could be linked to the decline in speculative activities.