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Nigeria earns $15b in 3 months, spent $6b on import

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Nigeria recorded a total foreign exchange inflow into the economy in the second quarter of 2016 to the tune of $15.33b, though it spent $6b on importation

Nigeria recorded a total foreign exchange inflow into the economy in the second quarter of 2016 to the tune of $15.33 billion.

The disclosure was made by the Central Bank of Nigeria on Tuesday. 

The above sum represented an increase of 3.7 per cent above the level at the end of the first quarter.

However, it showed a decline of 35.3 per cent relative to the level at the end of the corresponding period of 2015.

According to CBN, the economy development was driven by increase in oil and non-oil receipts.

Oil sector receipts according to the CBN “accounted for 20.5per cent of the total, which stood at $3.15 billion, compared with $2.48 billion and $3.65 billion, recorded in the first quarter of 2016 and the corresponding period of 2015, respectively.

“Non-oil public sector inflow, at $2.74 billion (17.9per cent of the total), rose by 87.7 per cent, above the level at the end of the preceding quarter. 

“It, however, indicated a decline of 17.5 per cent from the level at the end of the corresponding period of 2015.”

Autonomous inflow, which accounted for 61.6 per cent of the total, fell by 13.0per cent compared with the level in the preceding quarter of 2016. 

At $6.60 billion, aggregate foreign exchange outflow from the economy rose by 29.4 per cent, above the level in the preceding quarter.

It, however, showed a decline of 19.5 per cent, from the level at the end of the corresponding period of 2015.

The development, relative to the first quarter was attributed to the increase in outflow through the CBN. 

Thus, foreign exchange flows through the economy resulted in a net inflow of $8. 73 billion in the review quarter, compared with $9.69 billion and US$ 15.51 billion in the first quarter of 2016 and the corresponding period of 2015, respectively.

The CBN said that foreign exchange that passed through it out of the country amounted to $6.09 billion in the three months of April, May and June 2016.

Meanwhile it got a total of $5.69 billion. 

As a result, the CBN saw more foreign exchange leaving the country due to high level of importation. 

During the period the foreign exchange resources in its holding that left the country was $20 million more than what came in.

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