Home Finance Nigeria’s April foreign exchange stands at $1.49bn

Nigeria’s April foreign exchange stands at $1.49bn

by Business News Report

The Central Bank of Nigeria (CBN) has said that the foreign exchange net inflow in April was 1.49 billion dollars (N2.3 trillion). The bank disclosed this in its monthly economic report for April. It said that foreign exchange inflow and outflow in the month were 3.24 billion dollars (N5.02 trillion) and 1.75 billion dollars (N2.71 trillion), respectively. The CBN said that the net inflow of 1.49 billion dollars (N2.3 trillion) in April was against net inflow of 1.36 billion dollars recorded in March. It also said that the April figure showed an increase of 29.9 per cent above the level in the corresponding period in 2011. According to the report, a breakdown of foreign exchange outflow showed that WDAS sales accounted for the bulk, representing 81.4 per cent of the total amount. It said that the cash sales to Bureau-de-Change operators stood at 28.1 per cent, while WDAS-forward contract was 2.5 per cent. CBN said that other official payments stood at 270 million dollars, a 34.5 per cent drop from the figure recorded in the preceding month.

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