Document Type

Statistical Bulletin

Publication Title

CBN Statistical Bulletin

Abstract

Financial data is compiled from documents like balance sheets and financial statements to meet legal and administrative requirements, rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, while the Financial Statistics Office compiles the analytical CBN balance sheet. Monetary authorities and deposit money banks consolidate accounts to produce monetary survey accounts. Monthly interest rate returns compute weighted average lending and deposit interest rates, and deposit rates are computed for various maturities. 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, revenue from oil and non-oil sectors, and various forms of taxation.

The Central Bank of Nigeria (CBN) has been receiving applications from both Nigerians and foreigners annually since 1988. The total number and value of approved and rejected applications may not match the total number of applications granted and rejected in the same year. The program offers a total amount for redemption on a yearly basis, with average discount rates indicating the average discount rate for each auction. Debts can be cancelled out of auction, processed without auctions, or refinanced with a new loan obtained from the same source of credit. Restructured debts are matured debts whose obligations cannot be fulfilled, and refinanced debts involve liquidating an existing loan with a new facility. The most popular category of debts cancelled is promissory notes. Restructured and refinanced loan instruments ceased operation after 1991, as the debts were converted to Par Bonds.

The System of National Accounts (SNA) is a comprehensive framework for analyzing, decision-making, and policy-making by providing consistent macroeconomic accounts, balance sheets, and tables based on internationally agreed concepts, definitions, classifications, and accounting rules. This table presents the Gross Domestic Product (GDP), Gross Fixed Capital Formation, Foreign Investment Expenditure, Government Consumption Expenditure, Current Consumption Expenditure, Current Consumption Expenditure, and Gross National Savings. GDP is the values of production during a period of recession, regardless of the nationality of the people who produce goods and services. It is calculated without making deductions for depreciation. Gross Fixed Capital Formation is expenditure on fixed assets for replacing or adding to the stock of existing fixed assets. Gross Capital Formation is the total change in the value of fixed assets plus change in stocks. 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 the government constituting a select demand for goods and services. Gross National Savings show the amount of domestic and foreign investment financed from domestic output, including public and private savings. The table also includes electricity generation and consumption prices. These tables are derived from Federal Office of Statistics (FOS) agricultural survey reports. The consumer price indices (CPIs) for composite, urban, and rural areas are also included. The CPI calculated for Nigeria by FOS measures average changes in retail prices of goods and services consumed by households living in all parts of the country. However, the indices differed due to the lack of a collective consumer price index to measure average change in the price of goods and services purchased by specified groups of consumers. The CPI is continually updated and rebased, with the Consumer Expenditure Survey of 1980/81 updating the base period to 1985.

International Trade Statistics (ITS) measure the quantity and values of goods that move into or out of a country, increasing or decreasing the nation's stock of goods. They 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 where customs data are not available. ITS can be presented in the Standard International Trade Classification (SITC) format, which has 10 main groupings with codes 0-9. The Balance of Payments (BOP) compilation captures changes in international economic transactions between residents and non-residents, including the provision and receipt of real resources, changes in claims on and liabilities to the rest of the world, and unrequited or unilateral transfers. The BOP table from 1970 to 1994 is divided into five sub-sections, including the Current Account, Capital Account, Net Errors and Omissions, exceptional financing, and Change in Reserves. The fifth edition of the BOP manual has been prepared to encompass both balance of payments flows and stock of external financial assets and liabilities. The Current Account is divided into two main sections: visible and invisible. Visible accounts include exports and imports, which are tangible goods, and credit entries are made when foreigners pay the exporting country. Invisible accounts include services and income accounts, such as insurance and other distributive services involved in international trade. Credit entries are made when domestic airlines and shipping companies collect eight charges, while debit entries denote payments by residents to foreign airlines and shipping companies. The Investment Income aspect of the invisible accounts refers to accrued income on existing foreign financial assets. Unrequited Transfers are unilateral transfers from the reporting economy to the rest of the world without asking for an equivalent value. The Balance on Current Account consists of the balances 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 moves may occur between a reporting economy and the rest of the world, such as foreign loans and investments. The double-entry accounting system ensures that debits and credits must equal each other for every transaction.

Publication Date

12-1996

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