Saturday, 18 August 2018

CBN Says A Record Of $91 Billion Entered Nigeria In 2017

The Central Bank of Nigeria (CBN), said the aggregate foreign exchange inflow into the country stood at $91 billion in 2017, a record compared with 2016.

The bank disclosed in its 2017 annual report released on Thursday that the figure was an increase of 45 percent from $62.75 billion in 2016.

The bank also said the figure surpassed the total outflow by $57.32 billion in the period.

According to the bank, inflow through the CBN was $42.17 billion, while inflow through autonomous sources amounted to $48.33 billion.


In percentage terms, inflow through the CBN accounted for 46.3 percent, while autonomous sources took 53.7 percent.

Also, aggregate foreign exchange outflow, from the economy, increased by 31.8 percent to U$33.68 billion, higher than the $25.55 billion in 2016.

The report said the outflow through the CBN accounted for 90.7 percent, about $30.55 billion. It was $23.16 billion in 2016.

Outflow via autonomous sources was calculated at $3.13 billion

The increase was attributable to the increased intervention by the CBN in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.

NAN

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