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Nigeria gets N11 billion foreign exchange

by Business News Report

Nigeria’s cumulative foreign exchange receipts in the first half N11.117 billion representing an increase of 175.3 per cent over the level in the corresponding period of last year.
Oil sector receipt at N7,7641 billion represented 69.8 per cent of the total and was 110.7 per cent higher than the level in the comparable period of last year.
These facts are contained in the CBN monthly report for June. According to CBN report, the non-oil receipts amounted to N3.359 billion accounting for 30.2 per cent of the total an increase of 848 per cent over the level in the same period a year ago.
CBN explained that the substantial increase in foreign exchange earnings during the month under review the depreciation of the naira exchange rate which boosted earnings in naira terms.

According to CBN report the Nigerian official reserves stood at N2.9745 billion at the end of June.
In the same month a net outflow of N269.2 million from exchange transactions through Central Bank.
This brings the cumulative foreign exchange loss from January N629.7 million.
Inflow for foreign exchange through the Central Bank and the authorised dealers totalled N2,061.7 million representing increase of 14.5 and 326.9 per cent over the levels in the preceding month and corresponding period of 1986 respectively.
Out of the total inflow for the month, receipt through the Central Bank stood at 85.8 per cent and was N202.1 million above the level in May 1987 while inflow through the authorised dealers amounted to N292.3 million. A further breakdown of the total inflow showed that N1.5201 billion was in respect of the oil sector and this represented 73.7 per cent of the total.

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