尼日利亚10年期国债 (Nigeria10Y) 加自选

2025年4月，斯坦比克IBTC银行尼日利亚采购经理人指数从上个月的一年多来的高点54.3微降至54.2。尽管如此，这标志着私营部门连续第五个月扩张，产出增长依然强劲，创下2024年1月以来的最强劲表现。此外，随着企业应对工作量增加并努力满足需求，就业水平连续第五个月上升，达到八个月来的最高点。然而，尽管公司加大了招聘和采购活动，但积压的工作仍在继续增长。在通货膨胀方面，由于原材料价格上涨和货币贬值，投入成本飙升。这进一步推动了产出费用的上涨，通货膨胀率略高于上月。展望未来，企业对12个月的商业活动前景保持乐观，尽管市场情绪连续第三个月减弱。

The Stanbic IBTC Bank Nigeria PMI edged lower to 54.2 in April 2025 from over one-year high of 54.3 in the previous month. Still, this marked the fifth consecutive month of expansion in the private sector, as output growth remained robust, posting its strongest performance since January 2024. Moreover, employment levels rose for the fifth month in a row, reaching an eight-month high, as firms responded to increased workloads and made efforts to meet demand. However, backlogs of work continued to grow, even as companies ramped up hiring and purchasing activity. On the inflation front, input costs surged due to rising raw material prices and currency depreciation. This drove a further increase in output charges, with inflation slightly stronger than in the previous month. Looking ahead, businesses remained optimistic about the 12-month outlook for business activity, although sentiment weakened for the third consecutive month.

尼日利亚的年通货膨胀率从上个月的23.18%微升至2025年3月的24.23%，这是自2023年6月以来的最低水平。食品通胀是通胀篮子中最大的组成部分，仍然居高不下，但从上个月的23.51%降至21.79%。核心通胀率（不包括波动较大的农产品和能源价格）从上月的23.01%加快至24.43%。按月计算，3月份消费者价格指数上涨3.90%，高于2月份的2.04%。

Nigeria’s annual inflation rate rose slightly to 24.23% in March 2025, from 23.18% in the prior month, which was the softest since June 2023. Food inflation, the largest component of the inflation basket, remained elevated but eased to 21.79% from 23.51% in the prior month. The core inflation, which excludes the prices of volatile agricultural products and energy quickened to 24.43%, from 23.01% in the previous month. On a monthly basis, consumer prices rose by 3.90% in March, accelerating from 2.04% in February.

尼日利亚央行周日表示，在唐纳德·特朗普总统的新关税引发大幅抛售并扰乱全球市场后，尼日利亚央行已出售近2亿美元以支持奈拉。2025年4月4日，奈拉在官方窗口跌至1600美元，为五个月来的最低水平，波动加剧。尼日利亚中央银行（CBN）将压力归因于原油价格因关税而下跌，并指出这一转变给尼日利亚等石油出口国带来了新的挑战。作为非洲最大的石油生产国，尼日利亚90%的外汇收入依赖于原油。作为回应，CBN通过向商业银行出售1.9771亿美元进行了干预。该行在一份声明中表示：“这一审慎的举措与该行培养稳定、透明和高效的外汇市场的更广泛目标相一致。”。

Nigeria’s central bank has sold nearly $200 million to support the naira, following a sharp selloff triggered by President Donald Trump’s new tariffs that rattled global markets, the bank said on Sunday. On April 4, 2025, the naira fell to 1,600 per U.S. dollar in the official window—its lowest level in five months—amid heightened volatility. The Central Bank of Nigeria (CBN) attributed the pressure to falling crude oil prices in response to the tariffs, noting that the shift poses new challenges for oil-exporting countries like Nigeria. As Africa’s largest oil producer, Nigeria depends on crude oil for 90% of its foreign exchange earnings. In response, the CBN intervened by selling $197.71 million to commercial banks. “This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” it said in a statement.

Stanbic IBTC Bank Nigeria PMI从2月份的53.7升至2025年3月的54.3，标志着私营部门连续第四个月增长，是2024年初以来最强劲的增长。在需求改善的情况下，产出、新订单、就业和采购活动都增长更快。此外，供应商的交货时间继续缩短，供应商绩效的提高与及时付款和良好的路况有关。在价格方面，尼日利亚公司的投入成本在3月份的增长速度要慢得多，这是自2023年5月以来的最低增幅，但仍然值得注意。因此，产出价格通胀连续第三个月放缓，达到2023年5月以来的最低水平。展望未来，企业对12个月的商业活动前景不那么乐观，信心达到三个月低点，低于系列平均水平。

The Stanbic IBTC Bank Nigeria PMI rose to 54.3 in March 2025, from 53.7 in February, signaling the fourth consecutive month of growth in the private sector and the strongest since early 2024. Output, new orders, employment and purchasing activity all increased faster amid improving demand. Additionally, suppliers' delivery times continued to shorten, with improved vendor performance linked to prompt payments and good road conditions. On the price front, input costs for Nigerian companies rose at a much slower pace in March, marking the weakest increase since May 2023, yet still notable. Consequently, output price inflation softened for the third straight month, reaching its lowest level since May 2023. Looking forward, companies were less optimistic about the 12-month outlook for business activity, with confidence reaching a three-month low and falling below the series average.