Nigeria’s GDP for Q2 2021 expanded by +5.01% year-on-year

Data released by the National Bureau of Statistics (NBS) show that the Nigerian economy expanded for the third consecutive quarter, growing at its fastest pace since Q4 2014. The Nation’s Gross Domestic Product (GDP) grew by 5.01% year-on-year in Q2 2021, lower than Bloomberg’s forecast of 5.6%. This expansion is ca +4.50% better than +0.51% growth recorded in Q1 2021, and +11.11% higher than the -6.10% contraction recorded in Q2 2020.

FINANCIAL MARKETS TODAY – 19 August 2021

ystem liquidity improved slightly today, opening with a balance of ca ₦8.33 billion, higher than previous day’s opening of ca -₦7.60 billion. Nonetheless, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 17.67% and 18.33% from 17.50% and 17.75% respectively, the previous day.

FINANCIAL MARKETS TODAY – 18 August 2021

System liquidity declined today, opening with a deficit of ca ₦7.60 billion, lower than previous day’s opening of ca ₦21.78 billion. Consequently, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 17.50% and 17.75% from 17.00% and 17.67% respectively, the previous day.

FINANCIAL MARKETS TODAY – 17 August 2021

Nigeria’s headline inflation eased for the fourth consecutive month, settling at 17.38% year-on-year in July 2021 vs 17.75% recorded in June 2021. This comes on the back of persistent decrease in food prices, with the food sub index declining to ca 21.03% from 21.83% the previous month, while the core sub-index rose to 13.72% from 13.09% in June 2021.