Fidelity bank banner UBA banner
Nigeria’s trade deficit narrowed in Q2 helped by naira float

By News Express on 07/09/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,378


Nigeria’s trade deficit narrowed in the second quarter boosted by a currency float in June lifting exports, the national bureau of statistics said on Tuesday, but the rise was not enough to help the economy avoid a recession.

Africa’s largest economy entered a recession in the second quarter, after persistent low oil prices hammered vital public finances and the naira, prompting foreign investors to flee bond and equities markets, which caused chronic dollar shortages.

The central bank floated the currency in June to ease dollar shortages and preserve its dwindling reserves. It allowed the naira to tumble 30 percent on the day of the float from its 16-month pegged rate of 197 per dollar.

The currency move helped Nigeria’s trade balance gain some ground to stand at minus 196.5 billion naira in the second quarter, the NBS said from minus 351.3 billion naira in the first quarter ($1.1 billion – $600.5 million).

“The improvement in export value is largely due to the depreciation in the value of the naira,” it said in a statement.

“This development arose from a rise of 63.3 percent in the value of exports largely due to exchange rate gains combined with a rise of 38.1 percent in the value of imports against the levels recorded in the preceding quarter.”

The naira has since lost 16 percent since June on a lack of hard currency liquidity and as foreign investors stay on the sidelines, leaving the central bank as the main supplier of dollars.

Total trade between April and June stood at 3.94 trillion naira, up 49 percent from the three months to March.

The NBS said exports were dominated by crude oil, which contributed 79.7 percent of total exports of 1.87 billion naira.

Imports rose 38.1 percent in the second quarter to 2.07 billion naira.

The bulk of Nigeria’s imports were machinery and appliances, vehicles and aircraft parts and petroleum products. They came mostly from China, Netherlands, United States and India. Intra African imports accounted for 4.3 percent of the total. (TV360 Nigeria)

 

Source News Express

Posted 07/09/2016 05:40:25 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Suspension of Babachir Lawal, Ayo Oke not far-reaching...

Mining commission on the way: Fayemi

Abia signs MoU with 2 firms for construction...

Environmental rights group trains volunteers, oil community, media...

Ijaws flee Lagos, Ogun states as Military, Police...

Fast-changing Arctic and North Atlantic conditions bring route...

JNI laments Konduga, Izge and Madagali massacres, tasks...

2,000 hostages freed as African troops close in...

FRSC begins seizure of vehicles with expired tyres...

UNILAG students protest over poor power, water supply...

Governors charged to embrace OGP, reap benefits

Army warns public over land encroachment

 

Latest News UK investigator probes murder of Ex-Finance Minister’s daughter Nnamdi Kanu to make live radio broadcast on Sunday evening Shehu Sani dumps APC 2019: ‘America has no preferred candidate’ Customs intercepts container with imported soup from China WhatsApp bans more than 100,000 accounts Why we sponsor The Nigeria Prize for Science and The Nigeria Prize for Literature — NLNG MD, Tony Attah Rivers Guber: Tonye Cole will defeat Wike in 2019 — Tatua Type-2 polio virus discovered in Bauchi 2019 elections: NYCN to hold nationwide town hall meetings Minimum Wage: ‘Nigeria still a third world country’, Ngige reacts to US comparison Adeniyi challenges online publishers to help Nigerians rediscover their voices

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,946 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,075 views) Shameless Genevieve Nnaji exposes breasts in public (315,433 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,294 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,955 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,703 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,493 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,928 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,718 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,114 views) Lagos plane crash: Journalist releases victims’ names (161,784 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,533 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (69) Business & Economy (3,699) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (660) Global Business Monitor (304) International (2,552) Interview (165) Live Commentary (28) Love Matters (145) News (39,772) Opinion (1,125) Pidgin (13) Politics (7,315) Religion (881) Sports (1,735) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement