Document Type

Statistical Bulletin

Publication Title

CBN Statistical Bulletin

Abstract

This volume/year presents data on the Money and Banking sub-sector, including central banking, financial markets, non-bank financial institutions, clearing house activities, merchant and commercial banking, and public finance statistics. The data includes consolidation of commercial and merchant banks' first and second schedule statistical returns, computation of liquidity ratio, cash reserve ratio, loan/deposit ratio, proportion of loans to rural borrowers and small-scale enterprises, and reconstitution of the Central Bank's balance sheet. The data also indicates the level of banking habit in the industry.

It further explains the classification of insurance companies by their business type, including whole life, non-life, and mixed (life and non-life). It also shows the structure aggregate of insurance companies by types of business and ownership and records the aggregate income and expenditure of insurance companies by type of ownership, including wholly Nigerian and joint ownership. It shows the aggregate source of income of all insurance companies under different types of business and records the total investment of all insurance companies by type of business, including life and non-life. It also includes the Gross Domestic Product, Gross National Product, Gross Fixed Capital formation, Private Consumption, Gross Consumption, and Gross National Savings. It goes ahead to include agricultural crops, which are classified according to the United Nations Food and Agricultural Organization (FAO) Product Year-Book, and also provides a comprehensive overview of the insurance industry in Nigeria.

The Nigerian economy has experienced significant changes in recent years, including the rapid depreciation of the naira exchange rate, accumulation of payment arrears, rescheduling of external debt obligations, and debt consolidation. These changes are captured in the Balance of Payment (BOP) compilation, which is a systematic record of economic transactions between residents and non-residents. The BOP records transactions in goods, services, income, ownership changes, and unrequited transfers. The BOP has been reviewed four times in the last ten years, with the fifth edition being prepared. The foreign exchange rate management in Nigeria has evolved from an officially pegged exchange rate system to a market-determined system. Since 1985, the naira exchange rate has been determined through the foreign exchange market, and other currencies are determined at the market rate values. International trade takes place between the residents of a country, the reporting economy, and the rest of the world, and is usually divided into three sections: the Current Account, the Capital Account, and the Reserve. Transactions involving payments to a country by foreigners are classified as credit entries, while those involving payments by the same country to other foreigners are classified as debit entries.

Publication Date

6-1993

Comments

The author is the Central Bank of Nigeria.

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