Financial Highlights and Growth Trends
Operating Environment
Real GDP growth of 6.56% in Q1 2013. Second
quarter growth estimated at 6.72%¹. The non-oil
sector remains a major growth driver
Inflation rate remained in single digit and
moderated to 8.4% largely on the base effect
Exchange rate was relatively stable at the official
market but depreciated at both the interbank
and parallel markets on the back of demand
pressures
Crude oil price (bonny light) remained above
US$100 per barrel while exports declined to
1.86 mbpd due to oil theft and vandalization
Strong uptick in foreign reserves in Q1 2013 but
moderated in Q2 2013 to US$48.04bn
representing about 10 months of imports
The NSE All Share Index gained 28.8% as at June
2013 to 36,164.30 driven by improved investor
confidence and attractive corporate earnings
165
160
155
1NBS estimate
Inflation (%)
9.5
9.0
9.1
9.0
8.6
8.4
Jan
Feb
Mar
Apr
May
Jun
Exchange Rate
150
Jan
Feb
Mar
Apr
May
Jun
N/$ (Official)
N/$ (Interbank)
N/$ (Parallel)
48.9
48.6
48.41
48.04
118.8
115.2
111.8
47.42
105.7
46
105.1
106.0
Jan
Feb
Mar
Apr
May
Jun
Bonny Light (US$)
Foreign Reserve (US$'bn)
Sources: CBN
Sterling Bank
The one-customer bank.View entire presentation