Document Type

Statistical Bulletin

Publication Title

CBN Statistical Bulletin

Abstract

Financial data is compiled from documents like balance sheets and financial statements, which are primarily designed for legal and administrative purposes. The Finance and Accounts Department uses Bloomberg sources to prepare CBN accounting balance sheet data for the Research Department to compile analytical accounts. The Financial Statistics Office compiles the analytical CBN balance sheet without reclassifications or rearrangements of available accounting data. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. Monthly interest rate returns are used to compute weighted average lending and deposit interest rates. 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.

Since 1988, the Nigerian and foreign debt program has received and processed a total of yearly applications from Nigerians and foreigners. The program offers a total amount for redemption, with average discount rates indicating the highest and lowest discounts offered at each auction. Debts cancelled out of auction are processed without auctions, granted in rare cases to meet the financial needs of benefitting organizations. The price of such conversions is determined by the weighted average of discounts quoted by successful bidders at the most recent 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 and refinanced debt instruments ceased operation after 1991, as the debts were converted to Par Bonds. The average prices of debt instruments are quoted in U.S. Cent/Dollar.

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 table includes Gross Domestic Product, Gross Fixed Capital Formation, Private Consumption Expenditure, Government Consumption Expenditure, Gross Consumption Expenditure, and Gross National Savings. Gross Domestic Product (GDP) is the values of production in an economy during a period of time, calculated without deductions for depreciation. Gross Fixed Capital Formation is expenditure on fixed assets, while Gross Domestic Investment is the total change in the value of fixed assets plus change in stocks. Agricultural crops are defined in terms of staples and other cash crops, with livestock and livestock products excised from agriculture. Electricity generation and consumption are also included in the table. In summary, the SNA provides a comprehensive accounting framework for economic analysis, decision-making, and policy making. It includes tables on Gross Domestic Product, Gross Fixed Capital Formation, Private Consumption Expenditure, Government Consumption Expenditure, and Gross National Savings. The tables in this text are derived from data on agriculture, livestock, fish, and forestry from Federal Office of Statistics (FOS) agricultural survey reports. The seasonal data on crops is converted to annual data, while livestock data is converted to carcass weights. Fish output data is provided by the Federal Department of Fisheries, and forest product data is from the FAO Annual Year Book of Forest Product. The Consumer Price Indexes (CPIs) are designed to measure changes in retail prices paid by consumers. The first CPIs were computed separately for the then Federal and Regional Capitals, but the Consumers Expenditure Survey (CES) was reviewed in 1957 to provide a single national CPI based on prices of a union market basket of commodities. The CPI adopted the 1975 base as the ruling base year, and indices from 1976 to 1988 have 1975 as the base period. The CPI is continually updated and rebased, with the Consumer Expenditure Survey of 1980/8l updating the base period to 1985.

International Trade Statistics (ITS) measure the quantities and values of goods that move into or out of a country, affecting the nation's 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 Equipments, Miscellaneous Manufactured Article, and Miscellaneous Transactions Unclassified. The Balance of Payments (BOP) compilation captures changes in international economic transactions, such as the rapid depreciation of the naira exchange rate, accumulating payments arrears, and debt conversion. The BOP table D.2.1, based on the fourth manual, provides information on vital components, such as the Current Account, Capital Account, and Reserve. 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, such as freight and insurance. 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. 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 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 through various capital movements and investments. Capital movements can occur between a reporting economy and the rest of the world, with credit entries and debit entries. The double-entry accounting system ensures that debits and credits equate themselves for every transaction, but this equality could be defective if either the debit or credit is understated.

Publication Date

6-1996

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