Macro Analysis /
Nigeria

Nigeria: Wider trade deficit and absent inflows = further pressure for the naira

  • Nigeria's trade deficit widens to US$9.7bn in Q1 21

  • Imports unfazed by CBN FX restrictions and depreciating naira; oil exports decline despite higher production and prices

  • The persistent decline in reserves despite higher oil prices shows that balance of payment pressures persist

Nigeria: Wider trade deficit and absent inflows = further pressure for the naira
Janet Ogunkoya
Janet Ogunkoya

Senior Research Analyst

Tellimer Research
10 June 2021
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