Abstract
January 12, 2023
Title page
January 12, 2023
NIGERIA
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
Prepared By
The African Department
Contents
FUND RELATIONS
RELATIONS WITH OTHER INTERNATIONAL FINANCIAL INSTITUTIONS
STATISTICAL ISSUES
Fund Relations
(As of November 30, 2022)
Membership Status: Joined: March 30, 1961; Article XIV
| General Resources Account: | SDR Million | %Quota |
| Quota | 2,454.50 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | 4,733.59 | 192.85 |
| Reserve Tranche Position | 175.47 | 7.15 |
| General Resources Account: | SDR Million | %Quota |
| Quota | 2,454.50 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | 4,733.59 | 192.85 |
| Reserve Tranche Position | 175.47 | 7.15 |
| SDR Department: | SDR Million | % Allocation |
| Net cumulative allocation | 4,027.90 | 100.00 |
| Holdings | 3,755.37 | 93.23 |
| SDR Department: | SDR Million | % Allocation |
| Net cumulative allocation | 4,027.90 | 100.00 |
| Holdings | 3,755.37 | 93.23 |
Emergency Assistance may include ENDA, EPCA, and RFI.
| Outstanding Purchases and Loans: | SDR Million | %Quota |
| Emergency Assistance 1/ | 2,454.50 | 100.00 |
Emergency Assistance may include ENDA, EPCA, and RFI.
| Outstanding Purchases and Loans: | SDR Million | %Quota |
| Emergency Assistance 1/ | 2,454.50 | 100.00 |
Emergency Assistance may include ENDA, EPCA, and RFI.
Latest Financial Commitments: Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| Stand-By | Aug 04, 2000 | Oct 31, 2001 | 788.94 | 0.00 |
| Stand-By | Jan 09, 1991 | Apr 08, 1992 | 319.00 | 0.00 |
| Stand-By | Feb 03, 1989 | Apr 30, 1990 | 475.00 | 0.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| Stand-By | Aug 04, 2000 | Oct 31, 2001 | 788.94 | 0.00 |
| Stand-By | Jan 09, 1991 | Apr 08, 1992 | 319.00 | 0.00 |
| Stand-By | Feb 03, 1989 | Apr 30, 1990 | 475.00 | 0.00 |
Outright Loans:
| Type | Date of Commitment | Date Drawn | Amount Approved (SDR million) | Amount Drawn (SDR million) |
| RFI | Apr 28, 2020 | Apr 30, 2020 | 2,454.50 | 2,454.50 |
| Type | Date of Commitment | Date Drawn | Amount Approved (SDR million) | Amount Drawn (SDR million) |
| RFI | Apr 28, 2020 | Apr 30, 2020 | 2,454.50 | 2,454.50 |
Overdue Obligations and Projected Payments to Fund1/
(SDR Million; based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | 613.63 | 1,227.25 | 613.63 | ||
| Charges/Interest | 96.60 | 59.33 | 16.11 | 7.58 | |
| Total | 710.23 | 1,286.58 | 629.74 | 7.58 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | 613.63 | 1,227.25 | 613.63 | ||
| Charges/Interest | 96.60 | 59.33 | 16.11 | 7.58 | |
| Total | 710.23 | 1,286.58 | 629.74 | 7.58 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
Exchange Rate Arrangement
The de jure exchange rate arrangement is described as floating by the authorities. The main objectives of exchange rate policy in Nigeria are to preserve the value of the domestic currency, maintain a favorable external reserves position and ensure external balance without compromising the need for internal balance and the overall goal of macroeconomic stability. The de facto exchange rate arrangement is classified as stabilized.
Nigeria maintains the following exchange restrictions subject to Fund approval under Article VIII, Section 2(a) of the IMF’s Articles of Agreement: (i) an exchange restriction arising from the prohibition to access foreign exchange at the Nigerian foreign exchange markets for the payment of imports of 42 categories of items1; (ii) an exchange restriction arising from the rationing of foreign exchange by the CBN in different FX windows, and its allocation based on the CBN’s determination of priority categories of transactions; and (iii) an exchange restriction arising from existing limits on the amounts of foreign exchange available when traveling abroad (BTA/PTAs), which cannot be exceeded even upon verification of the bona fide nature of the transaction. In addition, Nigeria maintains the following MCPs subject to Fund approval under Article VIII, Section 3 of the IMF’s Articles of Agreement: (i) an MCP arising from the practice of the CBN that results in the establishment of an exchange rate for use in official (government) transactions and some other transactions, 2 which may differ by more than 2 percent from the rate used by commercial banks in other CBN FX windows (SMIS3, SME, IEFX and Invisibles); and (ii) an MCP arising from the large spread between exchange rates used by the CBN in its FX windows and the rates in the parallel market, caused by the CBN’s limitation on the availability of foreign exchange which channels current international transactions to such market; (iii) an MCP arising from the potential spread of more than 2 percent in the exchange rates at which the CBN sells foreign exchange to successful auction bidders in the SMIS window; and (iv) an MCP arising from the RT200 non-oil export proceed repatriation rebate scheme under which the authorities offer an additional incentive (N65 per US$ and N35 per US$, respectively) over the exchange rate used for the conversion of qualifying non-oil export proceeds, with the deviation between (a) the more favorable (effective) exchange rate used for qualifying non-oil export proceeds – and (b) the exchange rates used for other export proceeds being more than 2 percent.
Safeguards Assessment
A safeguards assessment of the CBN was completed in April 2021 but progress on implementation of recommendations has been limited. The CBN’s internal and external audit mechanisms broadly adhere to international standards. However, the CBN Act needs to be modernized to enshrine price stability as the primary objective, strengthen the central bank’s autonomy including by reducing the presence of government officials at the Board and the CBN’s committees, and by safeguarding the independence and tenure of central bank officials. Legal amendments should also provide for independent oversight over the CBN, including by establishing a majority non-executive Board and an Audit Committee that is independent of executive management. Financial autonomy should be safeguarded through clear statutory limits on credit to government and prohibition of quasi-fiscal operations and developmental lending activities, which need to be phased out. Financial reporting practices need to be bolstered through full adoption of International Financial Reporting Standards and resumed publication of annual financial statements. Thus far, limited traction has been seen on implementation of the recommendation and staff continues to engage with the authorities on these issues.
Article IV Consultation
Nigeria is on the standard 12-month Article IV consultation cycle. The previous Article IV consultation was concluded on January 31, 2022.
Technical Assistance (TA) since January 2021
Technical Assistance (TA) since January 2021
| Department | Purpose of TA Mission | Duration |
|---|---|---|
| FAD | Customs administration | January 17 – February 2, 2021 January 26 – February 11, 2021 March 24 – April 9, 2021 July 26 – August 27, 2021 September 20 – December 3, 2021 September 27 – December 10, 2021 March 14 – May 13, 2022 March 21 – April 29, 2022 September 14 – 27, 2022 December 7 – 20, 2022 |
| FAD | Tax administration | December 30, 2020 – January 18, 2021 February 12 – 26, 2021 May 10 – September 30, 2021 September 6 – 17, 2021 September 8 – 21, 2021 February 14 – March 15, 2022 June 1- 14, 2022 August 3 – 16, 2022 |
| FAD | Tax policy | September 6 – 17, 2021 August 1 – December 31, 2022 |
| FAD | Public Finance Management | December 7 – 12, 2020 February 4 – 13, 2021 February 4 – 18, 2021 February 27 – March 3, 2021 March 9 – 21, 2021 August 16 – 30, 2021 November 15 – 22, 2021 April 11 – 22, 2022 October 24 – November 3, 2022 October 24 – 28, 2022 |
| MCM | Banking Supervision | November 1 – 5, 2021 |
| STA | National Accounts | January 11 – 22, 2021 April 19 – 30, 2021 September 20 – October 1, 2021 December 6 – 17, 2021 March 7 – 18, 2022 August 1 – 12, 2022 |
| STA | Price statistics | January 11 – 22, 2021 March 4–14, 2021 |
Technical Assistance (TA) since January 2021
| Department | Purpose of TA Mission | Duration |
|---|---|---|
| FAD | Customs administration | January 17 – February 2, 2021 January 26 – February 11, 2021 March 24 – April 9, 2021 July 26 – August 27, 2021 September 20 – December 3, 2021 September 27 – December 10, 2021 March 14 – May 13, 2022 March 21 – April 29, 2022 September 14 – 27, 2022 December 7 – 20, 2022 |
| FAD | Tax administration | December 30, 2020 – January 18, 2021 February 12 – 26, 2021 May 10 – September 30, 2021 September 6 – 17, 2021 September 8 – 21, 2021 February 14 – March 15, 2022 June 1- 14, 2022 August 3 – 16, 2022 |
| FAD | Tax policy | September 6 – 17, 2021 August 1 – December 31, 2022 |
| FAD | Public Finance Management | December 7 – 12, 2020 February 4 – 13, 2021 February 4 – 18, 2021 February 27 – March 3, 2021 March 9 – 21, 2021 August 16 – 30, 2021 November 15 – 22, 2021 April 11 – 22, 2022 October 24 – November 3, 2022 October 24 – 28, 2022 |
| MCM | Banking Supervision | November 1 – 5, 2021 |
| STA | National Accounts | January 11 – 22, 2021 April 19 – 30, 2021 September 20 – October 1, 2021 December 6 – 17, 2021 March 7 – 18, 2022 August 1 – 12, 2022 |
| STA | Price statistics | January 11 – 22, 2021 March 4–14, 2021 |
Mission Chief and Resident Representative
Ms. Jesmin Rahman has been the IMF’s Mission Chief since May 2020. Mr. Ari Aisen has been the IMF’s Resident Representative since October 2020.
Relations with Other International Financial Institutions
World Bank
https://www.worldbank.org/en/country/nigeria
African Development Bank
Statistical Issues
(As of December 2022)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data are broadly adequate for surveillance. However, some data shortcomings remain. In particular, information on subnational public finances and large errors and omissions in the balance of payments. Efforts to improve data in those areas are ongoing, including STA TA on national accounts, monetary, government finance and external sector statistics. The Statistics Act of 2007, which established the National Bureau of Statistics (NBS) as the main coordinating agency for data management, has led to a number of improvements, including better information sharing between data producing and collecting agencies. There has been some efforts to improving the compilation of timely and internally consistent data, for example, implementing e-GDDS by publishing critical data through the National Summary Data Page (NSDP), using the Government Integrated Financial Management Information System (GIFMIS) for budget preparations and a fully operational Treasury Single Account (TSA), and reducing the balance of payments errors and omissions. These efforts, however, need to be extended to the subnational levels. | |
| National accounts: The NBS is undertaking a new GDP rebasing exercise. The previous rebasing was published in 2014 for reference year 2010. The new base year will be 2019. The authorities continue to receive TA from the Fund headquarters, its regional technical assistance center AFRITAC West 2, World Bank, and African Development Bank in completing a new GDP rebasing exercise, including producing a GDP back-casted series. The results of the National Business Sample Census have been reviewed. The results of the National Agriculture Survey Census are expected to be ready in January 2023. These surveys are necessary inputs for the GDP rebasing exercise, which is planned to be completed by the end of 2023. | |
| Prices statistics: The official monthly consumer price index (CPI), a composite of urban and rural price data, is available on a timely basis. However, the index weights and basket are based on expenditures derived from the 2003/04 National Consumer Expenditure Survey. The weights are severely outdated and are not representative of current expenditure patterns. Outdated weights can introduce a bias into the index. The update of the CPI—using new weights from the 2018 National Household Livings Standards Survey—is still ongoing. Compilation of an updated producer price index is ongoing but funding for the survey is uncertain. AFW2 plans to provide additional technical assistance to support the CPI update and improvements to Nigeria’s price statistics. | |
| Government finance statistics: GFS in Nigeria has several weaknesses. The most pressing shortcoming is related to inadequate data coverage. This includes incomplete coverage of federal government institutions and limited data at the subnational governments level, which accounts for almost one half of total government expenditure. The federal government is working with state and local governments to improve the quality, coverage, and timeliness of fiscal reports to facilitate the preparation of a consolidated set of fiscal accounts. This requires the governments at all levels to follow a standardized budget classification, chart of accounts, and accounting systems that will allow consistent classifications of the data, including use of International Public Sector Accounting Standards (IPSAS)—cash basis—at the federal and state levels. There is also a need to formalize the publication of government accounts on a monthly or quarterly basis and to increase coverage to report on the operations of state-owned enterprises as well as improve the delineation of the public sector between general government units and public nonfinancial and financial corporations Nigeria does not report any GFS data to STA, though quarterly debt data is reported to the IMF / World Bank Quarterly Public Sector Debt Database. |
|
| Monetary and financial statistics: The CBN reports Monetary and Financial Statistics (MFS) to the Fund using the Standardized Report Forms (SRFs) for the central bank and other depository corporations (ODCs). In late 2020, the CBN began reporting data for other financial corporations (OFCs), covering the pension fund sector. The CBN is expected to gradually expand the coverage of the OFC sector to include finance companies, development finance institutions, and insurance companies. Nigeria reports some data and indicators to the Financial Access Survey (FAS), including mobile money and the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). Nigeria doesn’t report gender disaggregated data. Financial soundness indicators (FSIs): The CBN reports quarterly data for all of Nigeria’s core and eleven additional FSIs for deposit takers. The CBN is working with support from STA to improve the methodology used to compile FSIs in accordance with the 2019 FSIs Guide and expand the coverage to include the additional FSIs for insurance corporations and pension funds. |
|
| Balance of payments: There have been significant efforts to improve the compilation of Nigeria’s balance of payments data in recent years. Supported by IMF TA, the authorities have expanded the range and improved the quality of data sources, aimed at strengthening the balance of payments, in particular reducing the large errors and omissions, and improve consistency with the international investment position (IIP). Nevertheless, more needs to be done to further reduce the errors and omissions in the balance of payments, which complicate the assessment of external sustainability. There is a need for improved validation of transactions reported by banks, measurement of transactions outside the banking system, appropriate treatment of transactions of enterprises in free trade zones (using a residency criterion) and improved coverage of estimates of the external assets and liabilities of the banking sector. TA efforts helped the CBN diversify the data collection for the improvement of the ESS, including through introducing private financial flows and stocks surveys. A survey of private transfers should foster improvements in the estimates of private transfers, especially those received through informal channels and for the in-kind values, which are currently not estimated. The June 2019 mission assisted CBN in addressing deficiencies in their source data (ITRS in particular) and further improving the measurement of transactions and positions data. More efforts need to be deployed to further improve the quality and frequency of foreign assets and liabilities currently collected via an annual survey. Collection of position data for both inward and outward portfolio investment with country breakdown needs also to be initiated to allow participation in the CPIS. The authorities have not yet initiated the compilation of international reserves data in line with the Data Template on International Reserves and Foreign Currency Liquidity. External debt: Public external debt data are of good quality and available on a timely basis. The Debt Management Office (DMO) is collaborating closely with the CBN to extend the coverage of their database to include private sector liabilities and foreign investment in debt securities issued domestically. In addition, IMF and World Bank staff worked with the DMO to develop analytical capacity to formulate a debt management strategy based on detailed cost-benefit analysis. |
|
| II. Data Standards and Quality | |
| Nigeria has participated in the IMF’s General Data Dissemination System (GDDS) since April 2003. In March 2016, Nigeria implemented the recommendations of the Enhanced General Data Dissemination System (e-GDDS) by publishing critical data through the National Summary Data Page (NSDP). | No Data ROSC is available. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data are broadly adequate for surveillance. However, some data shortcomings remain. In particular, information on subnational public finances and large errors and omissions in the balance of payments. Efforts to improve data in those areas are ongoing, including STA TA on national accounts, monetary, government finance and external sector statistics. The Statistics Act of 2007, which established the National Bureau of Statistics (NBS) as the main coordinating agency for data management, has led to a number of improvements, including better information sharing between data producing and collecting agencies. There has been some efforts to improving the compilation of timely and internally consistent data, for example, implementing e-GDDS by publishing critical data through the National Summary Data Page (NSDP), using the Government Integrated Financial Management Information System (GIFMIS) for budget preparations and a fully operational Treasury Single Account (TSA), and reducing the balance of payments errors and omissions. These efforts, however, need to be extended to the subnational levels. | |
| National accounts: The NBS is undertaking a new GDP rebasing exercise. The previous rebasing was published in 2014 for reference year 2010. The new base year will be 2019. The authorities continue to receive TA from the Fund headquarters, its regional technical assistance center AFRITAC West 2, World Bank, and African Development Bank in completing a new GDP rebasing exercise, including producing a GDP back-casted series. The results of the National Business Sample Census have been reviewed. The results of the National Agriculture Survey Census are expected to be ready in January 2023. These surveys are necessary inputs for the GDP rebasing exercise, which is planned to be completed by the end of 2023. | |
| Prices statistics: The official monthly consumer price index (CPI), a composite of urban and rural price data, is available on a timely basis. However, the index weights and basket are based on expenditures derived from the 2003/04 National Consumer Expenditure Survey. The weights are severely outdated and are not representative of current expenditure patterns. Outdated weights can introduce a bias into the index. The update of the CPI—using new weights from the 2018 National Household Livings Standards Survey—is still ongoing. Compilation of an updated producer price index is ongoing but funding for the survey is uncertain. AFW2 plans to provide additional technical assistance to support the CPI update and improvements to Nigeria’s price statistics. | |
| Government finance statistics: GFS in Nigeria has several weaknesses. The most pressing shortcoming is related to inadequate data coverage. This includes incomplete coverage of federal government institutions and limited data at the subnational governments level, which accounts for almost one half of total government expenditure. The federal government is working with state and local governments to improve the quality, coverage, and timeliness of fiscal reports to facilitate the preparation of a consolidated set of fiscal accounts. This requires the governments at all levels to follow a standardized budget classification, chart of accounts, and accounting systems that will allow consistent classifications of the data, including use of International Public Sector Accounting Standards (IPSAS)—cash basis—at the federal and state levels. There is also a need to formalize the publication of government accounts on a monthly or quarterly basis and to increase coverage to report on the operations of state-owned enterprises as well as improve the delineation of the public sector between general government units and public nonfinancial and financial corporations Nigeria does not report any GFS data to STA, though quarterly debt data is reported to the IMF / World Bank Quarterly Public Sector Debt Database. |
|
| Monetary and financial statistics: The CBN reports Monetary and Financial Statistics (MFS) to the Fund using the Standardized Report Forms (SRFs) for the central bank and other depository corporations (ODCs). In late 2020, the CBN began reporting data for other financial corporations (OFCs), covering the pension fund sector. The CBN is expected to gradually expand the coverage of the OFC sector to include finance companies, development finance institutions, and insurance companies. Nigeria reports some data and indicators to the Financial Access Survey (FAS), including mobile money and the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). Nigeria doesn’t report gender disaggregated data. Financial soundness indicators (FSIs): The CBN reports quarterly data for all of Nigeria’s core and eleven additional FSIs for deposit takers. The CBN is working with support from STA to improve the methodology used to compile FSIs in accordance with the 2019 FSIs Guide and expand the coverage to include the additional FSIs for insurance corporations and pension funds. |
|
| Balance of payments: There have been significant efforts to improve the compilation of Nigeria’s balance of payments data in recent years. Supported by IMF TA, the authorities have expanded the range and improved the quality of data sources, aimed at strengthening the balance of payments, in particular reducing the large errors and omissions, and improve consistency with the international investment position (IIP). Nevertheless, more needs to be done to further reduce the errors and omissions in the balance of payments, which complicate the assessment of external sustainability. There is a need for improved validation of transactions reported by banks, measurement of transactions outside the banking system, appropriate treatment of transactions of enterprises in free trade zones (using a residency criterion) and improved coverage of estimates of the external assets and liabilities of the banking sector. TA efforts helped the CBN diversify the data collection for the improvement of the ESS, including through introducing private financial flows and stocks surveys. A survey of private transfers should foster improvements in the estimates of private transfers, especially those received through informal channels and for the in-kind values, which are currently not estimated. The June 2019 mission assisted CBN in addressing deficiencies in their source data (ITRS in particular) and further improving the measurement of transactions and positions data. More efforts need to be deployed to further improve the quality and frequency of foreign assets and liabilities currently collected via an annual survey. Collection of position data for both inward and outward portfolio investment with country breakdown needs also to be initiated to allow participation in the CPIS. The authorities have not yet initiated the compilation of international reserves data in line with the Data Template on International Reserves and Foreign Currency Liquidity. External debt: Public external debt data are of good quality and available on a timely basis. The Debt Management Office (DMO) is collaborating closely with the CBN to extend the coverage of their database to include private sector liabilities and foreign investment in debt securities issued domestically. In addition, IMF and World Bank staff worked with the DMO to develop analytical capacity to formulate a debt management strategy based on detailed cost-benefit analysis. |
|
| II. Data Standards and Quality | |
| Nigeria has participated in the IMF’s General Data Dissemination System (GDDS) since April 2003. In March 2016, Nigeria implemented the recommendations of the Enhanced General Data Dissemination System (e-GDDS) by publishing critical data through the National Summary Data Page (NSDP). | No Data ROSC is available. |
Nigeria: Table of Common Indicators Required for Surveillance
(As of November 28, 2022)
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both Market-based and officially determined, including discount rates, money Market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. However, the expenditure data for state and local governments are not available.
Including currency and maturity composition.
Includes external gross financial asset and liability positions.
Nigeria: Table of Common Indicators Required for Surveillance
(As of November 28, 2022)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | Oct. 2022 | Nov. 2022 | M | M | M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | Aug. 2022 | Oct. 2022 | M | M | M |
| Reserve/Base Money | Aug. 2022 | Oct. 2022 | M | M | M |
| Broad Money | Aug. 2022 | Oct. 2022 | M | M | M |
| Central Bank Balance Sheet | Aug. 2022 | Oct. 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Aug. 2022 | Oct. 2022 | M | M | M |
| Interest Rates3 | Aug. 2022 | Oct. 2022 | D | D | D |
| Consumer Price Index | Oct. 2022 | Nov. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – Central Government | Sep. 2022 | Nov. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – General Government5 and Central Government | Sep. 2022 | Nov. 2022 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt6 | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| External Current Account Balance | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| Exports and Imports of Goods and Services | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| GDP/GNP | Sep. 2022 | Nov. 2022 | Q | Q | Q |
| Gross External Debt | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| International Investment Position7 | Jun. 2022 | Nov. 2022 | Q | Q | Q |
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both Market-based and officially determined, including discount rates, money Market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. However, the expenditure data for state and local governments are not available.
Including currency and maturity composition.
Includes external gross financial asset and liability positions.
Nigeria: Table of Common Indicators Required for Surveillance
(As of November 28, 2022)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | Oct. 2022 | Nov. 2022 | M | M | M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | Aug. 2022 | Oct. 2022 | M | M | M |
| Reserve/Base Money | Aug. 2022 | Oct. 2022 | M | M | M |
| Broad Money | Aug. 2022 | Oct. 2022 | M | M | M |
| Central Bank Balance Sheet | Aug. 2022 | Oct. 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Aug. 2022 | Oct. 2022 | M | M | M |
| Interest Rates3 | Aug. 2022 | Oct. 2022 | D | D | D |
| Consumer Price Index | Oct. 2022 | Nov. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – Central Government | Sep. 2022 | Nov. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – General Government5 and Central Government | Sep. 2022 | Nov. 2022 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt6 | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| External Current Account Balance | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| Exports and Imports of Goods and Services | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| GDP/GNP | Sep. 2022 | Nov. 2022 | Q | Q | Q |
| Gross External Debt | Jun. 2022 | Sep. 2022 | Q | Q | Q |
| International Investment Position7 | Jun. 2022 | Nov. 2022 | Q | Q | Q |
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both Market-based and officially determined, including discount rates, money Market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. However, the expenditure data for state and local governments are not available.
Including currency and maturity composition.
Includes external gross financial asset and liability positions.
One of the 42 items on the list is the foreign securities. The prohibition by the CBN to purchase FX for such securities on the Nigeria FX market constitutes a capital flow management measure (CFM) but not an exchange restriction for current international transactions.
Examples are purchases of oil proceeds from oil and related companies. From May 10, 2021, the previously existing facility for banks to have access to US$50,000 per day on a rotating basis at the official exchange rate was eliminated.
On March 2020, the CBN suspended sales to banks for wholesale SMIS window, however, SMIS retail is still functional for critical sectors.