Nigeria Economic Update

If considered and approved, the 2019 budget will be the third downsized annual budget size since the inception of democracy (reduced 1st in 2004 and 2nd in 2015). [...] The use of foreign reserve by the CBN to augment forex supply and to uphold the value of the Naira may be exerting enormous pressure on the reserve – the CBN intervenes weekly with $210 million, in addition to the $337 million supplied in the review weeks4. [...] Perhaps, the rate of reserve depletion would have been larger in the absence of the relatively stable oil price and revenue. [...] Compiled by the Information and Data Management (IDM) Unit, CSEA Centre for the Study of the Economies of Africa (CSEA) Abuja. [...] Compiled by the Information and Data Management (IDM) Unit, CSEA Centre for the Study of the Economies of Africa (CSEA) Abuja.