Document Type

Statistical Bulletin

Publication Title

CBN Statistical Bulletin

Abstract

Financial data is compiled from balance sheets and financial statements, which are primarily designed for legal and administrative purposes rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities and the summary trial balance as benchmarks. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. Deposit money banks are highly prone to volatility and fragility, making them subject to regulations and supervision. Clearing house statistics show the number and value of cheques cleared within the commercial banking system, reflecting the volume of transactions. Public sector indicators include revenue and expenditure of the Federal Government.

This research provides a summary of the total number and values of applications received from Nigerians and foreigners since the program's inception in 1988. It also shows the total amount offered by the programme for redemption on a yearly basis, with average discount rates indicating the highest and lowest discounts offered at each auction. Debts cancelled out of auction are processed without auctions made through bidding, granted only in rare cases to meet the expedient financial needs of benefitting organizations. Promissory notes are legal certificates of indebtedness issued by both the CBN and the Federal Ministry of Finance on behalf of the Federal Government of Nigeria to Nigeria's Creditors. Restructured debts are matured debts that could not be fulfilled, and new arrangements are typically entered into with creditors. Refinanced debt involves liquidating an existing loan due for maturity with a new loan obtained from the same or different source of credit. Par Bonds carry the face value of the security instrument irrespective of any premium or discount that the instrument may be accorded in the market. The System of National Accounts (SNA) is a consistent, coherent, and integrated set of macro-economic accounts, balance sheets, and tables based on internationally agreed concepts, definitions, conventions, classifications, and accounting rules. The table includes Gross Domestic Product, Gross Fixed Capital Formation, private consumption expenditure, government consumption expenditure, gross consumption expenditure, and gross national savings.

It goes further to present agricultural crops, electricity generation, and consumer price indices (CPIs) for Nigeria. Agriculture is defined in terms of staples and other cash crops, with staples including cereals, starchy roots, sugar, pulses, edible oil crops, nuts, fruits, vegetables, wine, cocoa, tea, coffee, livestock, and livestock products. Livestock and livestock products are excluded from agriculture. The tables are derived from data on agriculture, livestock, fish, and forestry from Federal Office of Statistics (FOS) agricultural survey reports. The first CPIs were computed separately for the then Federal and Regional Capitals, but the CBN and FOS felt the separate indices had some disadvantages. The Consumer Expenditure Survey (CES) was reviewed in 1957 to reflect the 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 for all over the country. The CPI adopted the 1975 base as the ruling base year for indices from 1976 to 1988. However, the CPI is continually updated and rebased, with the Consumer Expenditure Survey of 1980/81 updating the base period to 1985 values. The 1985-based CPI has been restructured to indicate commodity groups such as medical care, health services, recreation, entertainment, education, and cultural services, which were not classified when the 1975 base was used.

International Trade Statistics (ITS) measure the quantities and values of goods that move into or out of a country, affecting its stock of goods. They are compiled from Customs Bills of Entry, which indicate the quantities and values of goods imported into or exported out of the country. ITS can also be derived from foreign exchange transactions. The Standard International Trade Classification (SITC) format presents ITS in six main groups: Food and Live Animals, Beverages and Tobacco, Crude Materials, Mineral Fuels, Animal and Vegetable Oils, Chemicals, Manufactured Goods, Machinery and Transport Equipment, Miscellaneous Manufactured Articles, and Miscellaneous Transactions Unclassified. The Balance of Payment (BOP) compilation captures changes in international economic transactions between residents and non-residents, including the provision and receipt of real resources, changes in ownership, and unrequited or unilateral transfers. The BOP table from 1970 to 1994 is divided into five sub-sections. The Current Account is divided into two main sections: visible and invisible. The visible accounts for tangible goods, such as exports and imports, which are recorded as credit or debit entries. The invisible section includes services and income accounts, which include freights, insurance, and other distributive services involved in international transportation. 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 Investment Income aspect of the invisible accounts refers to accrued income on existing foreign financial assets. The third sub-account, "unrequited Transfers," is a unilateral transfer from the reporting economy to the rest of the world without asking for an equivalent value. The balance on the Current Account consists of these three separate sections. The capital account records changes in a country's foreign assets and liabilities through various capital movements and investments. Capital movements may take place between a reporting economy and the rest of the world by infusion of new loans and investments into the reporting economy by foreigners. However, this equality could be defective as often either debit or credit is understated.

Publication Date

12-1995

Comments

The author is the Central Bank of Nigeria.

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