Investor Presentaiton
Commitment to ERGP is Yielding Results
ERGP Supporting a Return to Growth ...
% Change YoY
5.5
6.2
2.8
With an Increasing Share Driven by Non-oil
% of GDP
88.8
89.6
90.4
91.7
91.3
91.4
1.5
0.8
(1.6)
2013
2014
2015
2016
■Non-oil Oil
2017
1H2018
2015
2016
2017
1H2018
2013
2014
Significant Progress on Inflation
%
18.6 18.7
17.8
17.2
16.3 16.1
16.0
15.9
15.4 15.1
14.3
14.0
13.3
13.0
12.0
11.0
Stabilisation Continues with Reserves Recovering
Foreign Exchange Reserves*, US$ Bn
50.0
45.0
14.0
40.0
12.4
35.0
12.5
11.6
30.0
11.2 11.1 11.2)
25.0
44.9
Dec-16 Feb-17 Apr-17 Jun-17 Aug-17
Oct-17
Inflation
Dec-17 Feb-18 Apr-18 Jun-18 Aug-18
- 2018 ERGP target
20.0
Jan-12
Sep-12 May-13
Jan-14
Sep-14
May-15
Jan-16
Sep-16 May-17
Jan-18
Sep-18
MPR
FX Market Trends Show Stability and Convergence Between the Interbank Rate (NIFEX) and NAFEX over the Past 12 Months
USD/NGN
400
380
360
340
320
300
03/01/17
17/04/17
NGN Spot
30/07/17
NAFX Index
11/11/17
23/02/18
07/06/18
20/09/18
⚫NIFX Index
6m NDF
Sources: Bloomberg, CBN.
*August and September 2018 foreign reserves are 30 day moving averages as of 31 August and 20 September 2018, respectively
CO
6
Nigeria in ContextView entire presentation