CBN: NIGERIA’S INFLATION HITS 16.5 PERCENT, MARKET CAPITALISATION NOW N17.28 TN

Nigeria, Aug. 30, 2016 – The Central Bank of Nigeria (CBN) has announced an increase of about 8.8 percent in aggregate market capitalization for listed securities(equity & bonds)at the end of second quarter, rounding up the quarter with a total capitalization of N17.28 trillion.

The apex bank which announced the figures in its latest quarterly report said that market capitalization for listed equities increased by 16.8 percent above the level in the preceding quarter to close at N10.17 trillion at the end of the review quarter.
It added that the Nigerian Stock Exchange (NSE)All Share Index which opened at N25,306.722 at the beginning of the period closed at 29, 597.79, representing an increase of 16.9 percent above the level at the end of the previous quarter.

As per federation account operation, the report said that Gross Federally collected revenue fell by 8.6 percent below the level in the first quarter of 2016 but that the sum of N665.67 billion out of the gross federally collected revenue was shared among the three tiers of government and 13 percent derivation fund for oil producing states.

Headline inflation year on year stood at 16.5 percent against 12.8 and 9.2 in preceding quarter and corresponding period of the year 2015.
The report indicated that Nigeria’s Foreign Reserve stood at $26.51 billion, showing a decline of 3.0 percent and 6.5 percent, compared with the levels in the preceding quarters and corresponding period of 2015.

According to the report, at 3, 156 MW/h, estimated average electricity generation in the second quarter of 2016 fell 0.19 percent, compared with the level attained in the preceding quarter. The report also put electricity consumption at 2, 989 MW/h and that the consumption fell by 0.19 percent relative to the level attained in the first quarter.

Crude oil and natural gas production and export also decreased during the period. The report noted that Nigeria’s crude oil production, including condensates and natural gas liquids was estimated at an average of 1.54 million barrels per day, representing a decline of 15. 4 percent, relative to 1.82 million barrels per day produced in the first quarter of 2016.