Nigeria record 196% jump in forex

Nigeria earned a total of N14.097 billion exchange in the first seven months of this year showing an increase of 196.9 per cent over its end July 1986 level.
This fact is contained in the July issue of the Central Bank of Nigeria CBN’s monthly report.
According to the report, the oil sector inflow of foreign exchange amounted to N8.832 billion which represents 62.6 per cent of the total receipt while non-oil receipts accounted for the balance of N5.2679 billion or 37.4 per cent.
A breakdown of the foreign exchange earnings shows that foreign exchange transactions through the Central Bank resulted in a net inflow of N1.0021 billion in the month of July. This contrasts with a net outflow f N262.9 million in the preceding month.
The report stated that there was a cumulative foreign exchange gain of N372.2 million between January and July.
The CBN report further stated that the official reserves rose from its end December 1986 level of N3.6042 billion to N3.9766 billion at the end of July.
According to the report, the month of July, foreign exchange inflow through the CBN and authorised dealers totalled N2.4261 billion which shows an increase of 17.7 per cent or 241.7 per cent over the levels in the preceding month and correspondence period of 1986 respectively.
According to CBN foreign exchange receipts through it amounted to N2.257 billion accounting for 93.0 per cent of the total while those through the authorised dealers amounted to N169.1 million or 7 per cent.
A further breakdown of the inflows showed that 72.8 per cent was in respect of the oil sector while non-oil receipts totalled N659.3 million representing 27.2 per cent of the total.
According to the report, foreign exchange disbursement through the CBN and the authorised dealers amounted to N1.2549 billion in the review month.