Details of transaction available in its website with circular ref: FMD/FDO/GEN/CIR/01/053/1, signed by the Director, Financial Markets Department, Mr. E. U. Ukeje, showed that the apex bank also sold 300 million US dollars at its 52nd WDAS on Monday, in which it stated that the figure had remained the same for three consecutive sessions in the month.
The naira, however, remained firm against the dollar at an exchange rate of N155.76, the same as on July 10. 18 banks participated in Monday’s auction, a drop from 20 on Wednesday.
The volume of forex sold had hovered between 300 million and 500 million US dollars since May, even as the total value of foreign exchange inflows into the Nigerian economy in the first quarter (Q1) of 2013 stood at $34.20 billion, a report hadshown. The amount represented an increase by $1.9 billion, compared to the $32.24 billion recorded in the fourth quarter of 2012.
CBN disclosed this in its “external sector development report,” for first quarter 2013 obtained from its website.
The report, however, showed that the total outflows in the review period amounted to $6.40 billion as against the $8.15 billion and $10.09 billion recorded in the fourth quarter and first quarter 2012, which represented declines of 21.5 and 36.5 percent, respectively.
“Consequently, a net-inflow of $27.80 billion was recorded in Q1, 2013 as against the $24.09 billion and $18.10 billion recorded in Q4 and Q1, 2012, respectively. The foreign exchange inflow through the CBN was $10.30 billion in Q1, 2013 compared with $11.17 billion and $12.12 billion, respectively in Q4 and Q1, 2012,” it added.
According to the report, inflows through autonomous sources increased by 13.4 percent, while outflows through the CBN and autonomous segments declined by 19.2 and 72.9 percent respectively in the period under review.
Culled from The Sun newspaper
No comments:
Post a Comment