You can download the recently released CBN’s Economic Report for Q1 2010. Here is an excerpt from the summary section:

Provisional  data  from  the  National  Bureau   of  Statistics  (NBS) estimated GDP growth in the first quarter of 2010 at 6.7 per cent, compared  with   8.2   per   cent  in  the   preceding   quarter.   The projected  growth  was  driven  mainly  by  the  non-oil  sector  which contributed6.64 percentage points to the growth rate. Broad money (M 2 ) grew by 2.3 per cent, relative to the preceding quarter.  The  increase in M 2   was  due  largely  to  the  rise  in  net domestic  credit  and  other  assets  (net)  of  the  banking  system. Narrow money (M 1 ), however,declined, by 1.0 per cent, from the level in the preceding quarter. Reserve money (RM) expanded by 9.5  per  cent  over  the  level  at the end  of  the  preceding  quarter, but  fell  short  of  the  indicative  benchmark  for  Q1  2010  by  0.7  per cent.

Available data indicated a general decline in banks’ deposit and lending  rates.  The  spread  between  the  weighted  average  term deposit and maximum lending rates, however, widened from 11.40 percentage points in the preceding quarter to 13.69 percentage points.  The  margin  between the  average  savings  deposit  and maximum  lending  rates  also  widened  from  19.74  percentage points in the preceding quarter to 19.83percentage points during the  review  period.  The  weighted  average  inter-bank  call  rate fell to  2.05  per  cent  from  5.80  per  cent in  the  preceding  quarter, reflecting the liquidity condition in the interbank funds market.  The value of money market assets outstanding fell by0.2 per cent from  the  level  in  the  preceding  quarter  to  N3,314.6  billion.  The development    was    attributed    to    the   decline   in    Bankers’ Acceptances  (BAs)  and  Commercial  Papers  (CPs).  Activities  on the Nigerian Stock Exchange  (NSE)  were mixed during the review quarter. 

Total federally-collected revenue in the first quarter of 2010 stood at  N1,561.59  billion,  representing  a  shortfall  of  22.4  per  cent  from the  proportionate  budget  estimate,  but  an  increase  of  13.9  per cent  over  the  receipts  in  the  preceding  quarter.  At  N1,156.73 billion, oil receipts, which constituted 74.1 per cent of the total, fell short  of the proportionate  budget  estimate  by  20.9  per  cent,  but rose by  23.6 per cent over the receipts in the preceding quarter. The under performance in oil receipts relative to the proportionate budget estimate  was  largely  attributed  to  the  fall  in  petroleum profit tax and royalties. Similarly, non-oil receipts, at N404.86 billion or  25.9 per  cent  of  the  total  was  lower  than  the  proportionate budget estimate and the receipts in the preceding quarter by 26.4  and   7.0   per  cent,   respectively.   The   shortfall   relative   to   the proportionate budget estimate reflected largely the fall in customs and excise duties and company income tax and other taxes.

Federal Government retained revenue for the first quarter of 2010 was  N599.82  billion,  while  total  expenditure  was  N877.35  billion. Thus,the fiscal operations of the Federal Government resulted in a deficit of N277.54 billion or 4.3 per cent of estimated nominal GDP for Q1 2010,compared with the budgeted deficit of N380.48 billion for  the  review  quarter  and  a  surplus  of  N32.56  billion  in  the corresponding quarter of 2009.  Agricultural  activities  during  the  review  quarter  centered  largely on harvesting of tree crops, clearing of land for the 2010 cropping season as well as preparation of land for irrigated farming. 

Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at 1.99 million barrels per day (mbd) or 179.1 million barrels for the quarter. Crude oil export was estimated at 1.54 mbd or 138.6 million barrels for the quarter, while deliveries to the refineries for domestic consumption remained at 0.445 mbd or  40.5  million  barrels.  The  average  price  of  Nigeria’s  reference crude, the Bonny Light (37 0  API), estimated at US$79.10 per barrel, rose by 1.1 per cent over the level in the preceding quarter.  The  end-period headline  inflation  rate  (year-on-year),  for  the  first quarter of 2010,  was 11.8 per cent, compared with 12.0 and 14.4 per  cent  recorded at the  end  of  the  preceding  quarter  and  the corresponding  quarter  of  2009,  respectively.  Inflation  rate  on  a twelve-month moving average basis for the first  quarter, was 11.9 per cent, compared with 12.4 and 13.1 per cent recorded in the preceding    quarter    and    the   corresponding    quarter,    2009, respectively. 

Foreign exchange inflow and outflow through the Central Bank of Nigeria  (CBN)  amounted  to  US$6.52  billion  and  US$8.07  billion, respectively,resulting in a net outflow of US$1.55 billion during the quarter.  Foreign  exchange  sales  by  the  CBN  to  the  authorized dealers amounted to US$6.07 billion in Q1 2010.  The   average   Naira   exchange   rate   vis-à-vis   the   US   dollar, appreciated by 0.1% to N149.94 per dollar at the WDAS. In the  bureaux-de-change  segment  of  the  market,  the  Naira  also appreciated from N153.16 per dollar toN152.49 per dollar while it depreciated  marginally  at  the  interbank  segment  from  N150.35 per US dollar in Q4 2009 to N150.46 per dollar.  Non-oil export earnings by Nigerian exporters declined by 35.1 per  cent  from  the  level  in  the  preceding  quarter  to  US$630.5  million. The development was attributed largely to the fall in the prices of all  the  commodities  traded  at  the  international  commodities market during the period. 

Download the report below:
CBN Q1 Economic Report