Investor Presentaiton

CBN: Focused and Forward-looking Monetary Policy Significant Progress on Inflation % Stabilisation Continues with Reserves Recovering Foreign Exchange Reserves*, US$ Bn 20.0 18.0 18.6 18.7 17.8 16.0 50.0 17.2 45.0 16.3 16.1 16.0 15.9 15.4 15.1 14.3 14.0 40.0 13,3 12.5 12.4 35.0 14.0 14.0 13.0 12.0 12.0 11.0 10.0- 8.0 11.6 30.0 11.2 11.1 11.2 25.0 44.9 6.0 20.0 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Jan-12 Sep-12 May-13 Jan-14 Sep-14. May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18 Inflation 2018 ERGP target MPR FX Market Trends Show Stability and Convergence Between the Interbank Rate (NIFEX) and NAFEX over the Past 12 Months USD/NGN 400 390 380 370 360 350 340 330 320 310 300 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 22 Monetary and Banking Updates

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