Nigeria Economic Update Issue 17
This short report discusses the following: The first article is about Crude Oil - It reports on the OPEC basket price which experienced fluctuations in its price this week. The basket price decreased at the beginning of the week from $34.54 per barrel on April 1, 2016 to $32.71 per barrel on April 4, 2016, and increased to $36.01 per barrel at the end of the week (April 8, 2016). The next article is about Stock Market and Frontier Index - The All-Share Index(ASI) and Market capitalization depreciated by 0.70 percent between April 1, 2016 and April 8, 2016. ASI depreciated from 25,507.09 points to 25,328.07 and the Market Capitalization decreased from N8.77 trillion to N8.71 trillion. All other indices (apart from NSE Oil/Gas and NSE pension indices) closed lower within the same period. The next article is about Foreign Exchange and Foreign Reserves - it talks about the Naira/ dollar exchange rate which has continued to be relatively stable at the parallel market segment. Naira depreciated slightly by N1 from N322/$ on April 1, 2016 to N323/$ on April 8, 2016 and this can be attributed to speculators reaction to a likely relaxation of existing forex restrictions. The last article is on the Power Sector - the Power sector analysis shows a decline in power generated by 8.5 percent from a peak of 3,675 mw to 3,362 mw between April 3, 2016 and April 10, 2016. This record is however still below 5,074.7 mw- the highest peak ever attained in the country.