Document Type

Statistical Bulletin

Publication Title

CBN Statistical Bulletin

Abstract

Financial data is compiled from documents like balance sheets and financial statements, which are designed for legal and administrative purposes rather than economic analysis. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. However, due to problems with imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation, major revisions were made. The Computer Services Department generates summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. The accommodation of deposit money banks' liquidity needs by monetary authorities typically occurs through direct loans and advances or discounting and rediscounting financial claims they hold. Monthly interest rate returns are used to compute weighted average lending and deposit interest rates, which are reflected in tables A.2.3, A.2.8, and A.3.3 - A.3.7. Clearing house statistics show the number and value of cheques cleared within the Commercial banking system, reflecting the volume of transactions in the system.

The public sector indicators include revenue, expenditure, and public debts of Federal, State, and local Governments. Revenue includes receipts from oil and non-oil subsectors, taxation, and grants. Expenditure is classified into recurrent and capital. External debt figures are converted to Naira using the annual exchange rate of the particular year. Debt conversion is a key aspect of the program, with tables showing the total number and values of applications received from Nigerians and foreigners on a yearly basis since 1988. The program offers yearly redemption amounts, with average discount rates indicating the average discount rate at each auction. Promissory notes are legal certificates of indebtedness issued by the Central Bank of Nigeria and the Federal Ministry of Finance to Nigeria's Creditors. Restructured debts are matured debts whose obligations cannot be fulfilled, while refinanced debt involves liquidating an existing loan with a new facility obtained from the same source or a combination of these sources. Par Bonds carry the face value of the security instrument, with interest paid on the Par value or face value.

The System of National Accounts (SNA) is a set of macro-economic accounts, balance sheets, and tables based on internationally agreed concepts, definitions, conventions, classifications, and accounting rules. It provides a comprehensive accounting framework for economic analysis, decision-making, and policy making. The compilation of the National Accounts statistics presented in this bulletin are based on the same principles. The Gross Domestic Product (GDP) is the value of productions that have taken place in an economy during a period of time, regardless of the nationality of the people who produce the goods and services. GDP at Current Factor Cost equals GDP at Current Market Prices less indirect taxes net of subsidies. Gross Fixed Capital Formation is expenditure on fixed assets for replacing or adding to the stock of existing fixed assets. Private consumption expenditure is the market value of all goods and services purchased or received as income in kind by households and non-profit institutions. Government consumption expenditure is the current expenditure by government constituting a direct demand for goods and services. Gross National Savings show the amount of domestic and foreign investment financed from domestic output, comprising public and private savings. Agricultural crops are classified according to the United Nations Food and Agricultural Organization (FAO) Production Year-Book, including cereals, starchy roots, sugar, pulses, edible oil crops, nuts, fruits, vegetables, wine, cocoa, tea, coffee, livestock and livestock products. Electricity generation and consumption are also included in the table. Consumer price indices (CPIs) are designed to measure changes in the level of retail prices paid by consumers. The first CPIs were computed separately for the then Federal and Regional Capitals, but the National Consumer Expenditure Survey (CES) was revised to reflect the felt need for a single national CPI based on the prices of a union market basket of commodities purchased and consumed by a representative set of households in selected centers from all over the country.

International trade statistics measure the quantities and values of goods that move into or out of a country, increasing or decreasing the nation's stock of goods. These statistics are compiled from Customs Bills of Entry, which are usually completed by importers and exporters, and can also be derived from records of transactions in foreign exchange. The Standard International Trade Classification (SITC) format presents ITS in 10 main groupings with codes 0-9. The Balance of Payments (BOP) Statistics capture changes in economic and financial transactions between residents of an economy and non-residents (the rest of the world). The BOP records transactions in goods, services, and income, changes in ownership, and claims on and liabilities to the rest of the world. Transactions involving payments to a country by non-residents are classified as "Credit" entries, while those involving payments by the county to non-residents are "Debit" entries. The BOP table D.2.1 provides information on vital components, such as the Current Account, Capital Account, and Reserves. The Current Account is divided into visible and invisible sections, with the visible account consisting of exports and imports, which are tangible goods. Exports are recorded as credit entries, while imports are recorded as debit entries. The invisible section includes services and income, which include freight, insurance, and other distributive services involved in international transportation of goods. Credit entries are made when freight charges are collected by domestic airlines and shipping companies, while debit entries denote payment by residents to foreign airlines and shipping companies for the same services. The income aspect of invisibles refers to accrued income on existing foreign financial assets. Unrequited transfers are the third sub-account under the Current Account, which is unilateral transfer by the reporting economy to the rest of the world. The balance on the Current Account consists of the balances of these three separate sections. The capital account records changes in a country's foreign assets and liabilities, capital movements, and international investment positions. Capital transfers are recorded in the capital account of the balance sheet.

Publication Date

12-1997

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