Nigeria Records A Deficit Balance of Payment In Q3-18

Must Read

Startimes acquires Laliga broadcast rights

Startimes has won the right to broadcast the matches of the Spanish LaLiga to its teeming subscribers. This comes...

Gokada CEO Fahim Saleh’s dismembered body discovered by police in New York apartment

Police Tuesday said a man believed to be Fahim Saleh, the 33-year-old tech entrepreneur who founded Gokada in Lagos,...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

The Central Bank of Nigeria (CBN) recently released a summary note on the country’s Balance Of Payment (BOP) for Q3-18. The result showed that the Nigerian economy recorded an unfavourable BOP as the overall balance slumped into a deficit of $4.5mn (vs. a surplus of $504.0mn in Q2-18) for the first time since Q3-16.

Nigeria Records A Deficit Balance of Payment In Q3-18

A dissection of the BOP data into its various components showed that the current account balance plunged to a deficit of $3.1bn (relative to a surplus of $4.5bn in Q2-18), majorly driven by a 70.5% increase in the payments for import of goods to US$14,1bn (especially non-oil products) which more than offset the 2.8% increase in export earnings. Similarly, the financial account also underperformed as net financial liabilities skyrocketed from $2.6bn in Q2-18 to $10.7bn on a 9.6% depletion in external reserves and decline in foreign portfolio inflow from US$4.2bn in Q2-18 to $1.8bn in Q3-18.

The report implies that in addition to the fiscal deficit, Nigeria slipped into a twin deficit in Q3-18 in contrast to a more desirable fiscal and current account surplus. Nevertheless, higher payments for the imports of goods in Q3-18 was predicated majorly on the importation of a one-off extraordinary item (import of a production vessel) which is unlikely to recur in the following quarter.

Read Also:  Daily Insight: Currency Swap - How the CBN plans to make it work
- Advertisement -

 

United Capital

- Advertisement -
Nigeria Records A Deficit Balance of Payment In Q3-18Nigeria Records A Deficit Balance of Payment In Q3-18

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Nigeria’s Agriculture Sector: Grains of hope for a budding sector

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria Records A Deficit Balance of Payment In Q3-18Nigeria Records A Deficit Balance of Payment In Q3-18

Latest News

Entrepreneur Day helps start-ups redefine industries

Futurist addresses post-COVID-19 issues at E-Day online platform HONG KONG, CHINA - Media OutReach - 15 July 2020 - In light of the COVID-19 situation,...

Syinix launches the first android TV in Kenya with Size 8 Reborn

NAIROBI, KENYA - Media OutReach - 15 July 2020 - Syinix will be launching its first Android TV in Kenya at 10.30 pm, 15th July 2020. The Launch will be on NTV and...

Kollective Technology to demonstrate scalability of Microsoft Teams and stream live events at Microsoft experience and technology centers worldwide

SINGAPORE - Media OutReach - 15 July 2020 - Leading Software-Defined Enterprise Content Delivery Network (SD ECDN) provider Kollective Technology today announced that it was selected by Microsoft Corp. (Nasdaq:...

CIFI issues its first green bond of US$300 million in Hong Kong

To promote sustainable development and environment friendly property projects HONG KONG, CHINA - Media OutReach - 15 July 2020 - CIFI Holdings (Group) Co. Ltd. ("CIFI" or the "Group", HKEx...

Everledger Platform Update to Boost Post-Pandemic Recovery in The Diamond Industry

New version of its blockchain platform supports demand generation, sustainability and compliance for manufacturers and jewellery retailers, also announces its new bridge funding through...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigeria Records A Deficit Balance of Payment In Q3-18Nigeria Records A Deficit Balance of Payment In Q3-18