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  "documentTitle": "Nigeria Economic Outlook",
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  "notes": "The chart highlights specific periods with dashed boxes. Data for 2023 is year-to-date as of September 25.",
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      "text": "The rise in Nigeria's import basket and the decline in crude oil exports relative to autonomous flows widened the gap between the parallel market and the official rate.",
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      "text": "Parallel Market Premiums",
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      "text": "The Central Bank of Nigeria (CBN) maintained control over the official foreign exchange (FX) market by offering a more favourable exchange rate and using the threat of sanctions. This allowed them to finance over 60% of USD import demand from 2005 to 2013, giving them significant influence over FX rates for goods and services.\nHowever, Nigeria's external accounts were changing due to an artificially strong exchange rate. Non-tradable services in the import basket grew, driven by increased consumption of foreign transportation, education, health, and financial assets. The other big shift in dollar demand composition was in oil imports which rose from 10-15% in 2005 to 20-22% of total imports at end of 2022\nThe rise in Nigeria's import basket and the decline in crude oil exports relative to autonomous flows widened the gap between the parallel market and the official rate",
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      "text": "Parallel Market Premium: 52%",
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      "text": "Source: CBN, PwC Analysis",
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      "text": "Parallel market premium widened in 2023 with the rise in import bills and the decline in crude oil exports",
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