The Central Bank of Nigeria recently released the economic report for the month of July 2009. You can download it below. Here is the summary:

Provisional data indicated decline in monetary aggregates in July 2009. Broad money (M2) and narrow money (M1) fell by 2.1 and 4.0 per cent from their levels in June 2009, respectively. The contraction in M2 was attributed to the fall in net foreign assets and other assets (net) of the banking system.

Available data indicated a general increase in banks’ deposit and lending rates. The spread between the weighted average term deposit and maximum lending rates widened marginally from 10.53 percentage points in the preceding month to 10.83. Similarly, the margin between the average savings deposit and maximum lending rates increased slightly from 19.83 percentage points in June to 19.89. The weighted average inter-bank call rate, which stood at 12.51 per cent in the preceding month, rose to 13.17 per cent at end-July 2009, reflecting the liquidity condition in the banking
system.

The value of money market assets outstanding grew by 2.9 per cent to =N=3,185.8 billion over the level in the preceding month. The rise was attributed largely to the 22.3 per cent increase in Commercial Papers (CPs). Activities on the Nigerian Stock Exchange were bearish as all the major market indicators trended downward in the review month. The major agricultural activities in the review period, included the harvesting of crops, particularly maize and yam. Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at 1.69 million barrels per day (mbd) or 52.39 million barrels for the month, compared with 1.70 mbd or 51.00 million barrels in June 2009. Crude oil export was estimated at 1.25 mbd or 38.44 million barrels for the month, while deliveries to the refineries for domestic consumption remained at 0.445 mbd or 13.80 million barrels. The average price of Nigeria’s reference crude, the Bonny Light (370 API), estimated at US$66.52 per barrel, fell by 7.9 per cent from the level in the preceding month.

The inflation rate for July 2009, on a year-on-year basis, was 11.1 per cent, compared with 11.2 per cent in the preceding month. The inflation rate on a twelve-month moving average basis was, however, 13.4 per cent, compared with 13.7 per cent in the preceding month. Foreign exchange inflow and outflow through the Central Bank of Nigeria (CBN) amounted to US$1.69 billion and US$2.11 billion, respectively, resulting in a net outflow of US$0.42 billion in July 2009. Relative to the respective levels in the preceding month, inflow rose by 30.0 per cent, while outflow declined by 28.0 per cent.

The rise in inflow was attributed to the increase in crude oil receipts, while the fall in outflow was due largely to the decline in WDAS utilisation and other official payments. Foreign exchange sales by the Central Bank of Nigeria (CBN) to end-users through the authorized dealers stood at US$1.82 billion, indicating a decline of 13.3 per cent from the level in the preceding month, while demand rose by 65.8 per cent to US$3.73 billion. The weighted average exchange rate of the Naira vis-à-vis the US dollar, depreciated by 0.3 per cent to =N=148.59 per dollar at the WDAS.

In the Bureau-de-change segment of the market, the rate however, appreciated by 7.1 per cent to =N=155.13 per dollar. Other major international economic developments of relevance to the domestic economy during the review month included: the 9th meeting of the Special Implementation Committee (SIC) of the Nigeria-South Africa Bi-National Commission (BNC) held in Abuja from July 22- 23, 2009.
Among other issues discussed by members included, the problems associated with the deportation of Nigerians from South Africa and the imposition of Repatriation fee of =N=110,000.00 by the South African High Commission on Nigerian first time travelers to South Africa.

In another development, the Committee of Ten African Ministers of Finance and Governors of Central Bank (Committee of Ten) held their third session in Abuja on 14 July, 2009 under the auspices of the African Development Bank, the Economic Commission for Africa and the African Union Commission. The objective of the meeting was to review the latest information pertaining to the impact of the economic crisis on Africa, take stock of recent internal and international developments, and agree on African perspectives to be fed into the global discussions, in particular during the next G20 Leaders Summit in Pittsburgh on 26 September, 2009.

Also, the International Monetary Fund (IMF) concluded its Article IV Consultation Mission with the Nigerian authorities on July 29, 2009 and noted that Nigeria entered the global financial crisis from a position of strong macroeconomic stability. The meeting of the G8 Summit was held in L’Aquila, Italy from July 8 – 10, 2009. The G8 Leaders discussed the interlinked challenges of the economic crisis, poverty, climate change and international political issues and the extraordinary measures taken. During the meeting, the G8 leaders met with Algeria, Angola, Egypt, Ethiopia, Libya, Nigeria, Senegal, South Africa, the African Union Commission and other relevant International Organisations. The Leaders resolved to act swiftly to limit the impact of the current economic crisis on the achievement of the Millennium Development Goals in Africa.