Central Bank of Nigeria has said that a total of $2.37 billion was the amount that came into the country through official channels. It also said that during the month of February $0.98 billion went out of the country through it. It said “Foreign exchange inflow and outflow through the CBN in February 2017 were $2.37 billion and $0.98 billion, respectively, and resulted in a net inflow of US$1.39 billion. Foreign exchange sales by the CBN to the authorised dealers amounted to $0.59 billion and represented a 31.1 per cent increase over the level in January 2017.
“The average exchange rate at the inter-bank segment stood at N305.30 per US dollar, indicating 0.03 per cent and 35.5 per cent depreciation, relative to the levels in the preceding month and the corresponding period of 2016, respectively. Gross external reserves increased by 4.3 per cent above the preceding month’s level.”
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