The Nigeria official reserve was valued at N3,237 million at the end of May. This represent a 9.3 per cent fall from its level at end of December 1986 showing a net loss of N366.8 million.
According to Central Bank monthly report for May, foreign exchange transaction through the Central Bank resulted in a net outflow of N197.7 million.
This contrasted with a net inflow of N649.9 million in the previous month.
The report also stated that the inflow of foreign exchange through CBN and the authorised dealers in the review month, amounted to N1.800.2 million. This the report added showed increases of 4.1 and 288.6 per cent above its levels in the preceding month and the corresponding month of 1986 respectively.
The report said that inflow through CBN was N1,567.3 million while that through the authorised dealers amounted to N232.9 million.
A breakdown of total inflow, the report continued showed that oil and non-oil receipts were N923.2 million and N877 million respectively accounting for 51.3 and 48.7 per cent of the total.
The report stated that from January to May 1987, total foreign exchange inflow was N9,0552 million representing an increase of 154.7 per cent over its level in the same period of 1986. The bulk of the receipt was in respect of the oil sector which at N6.244 million represented 69.0 per cent of the total while at N22811.3 million non-oil receipt accounted for the balance.
The report also said that the total foreign exchange disbursement through the CBN and the authorised dealers amounted to N1,765 million during the month representing increases of 132.1 and 251.2 per cent above its levels in the preceding moths and in May 1986 respectively.
A breakdown of this amount according that visible imports accounted for 86.7 per cent of the total while out payments for visible items accounted for 13.3 per cent.
The report said that the aggregate foreign exchange disbursements from January – May 1987 was N7,594.2 million showing an increase of 100 per cent above its level in same period of last year.