Nigeria, Office Market Update Q1:2017.

Q1:2017 saw a significant boost in Nigeria’s foreign reserves which grew by 16% over the quarter to just over US$30 billion. This sustained growth was as a result of the resurgence in the global oil price and uninterrupted local production.On this basis, the Central Bank of Nigeria (CBN) was able to aggressively defend the naira with an estimated sale of US$4bn in the forex market.The improved liquidity that resulted at the official and parallel markets led to a significant convergence between rates offered on both markets. The Consumer Price Index (CPI) declined by 1.46% from a peak of 18.72% in January 2017 to 17.26% in March 2017.However, there was a 4% decline in the Nigerian Stock Exchange All Share Index over the quarter reflecting a perception of uncertainty from portfolio investors regarding the sustainability of the CBN’s intervention into the forex market as well as the systemic risks associated with the economy.

Nigeria, Office Market Update Q1:2017.

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