NIGERIA BLEW N6.3BIL ON IMPORTS IN THE SECOND QUARTER OF 2016

THE Central Bank of Nigeria has disclosed that total foreign exchange inflow into the economy in the second quarter of 2016 was $15.33billion. This it said represented an increase of 3.7 per cent above the level at the end of the first quarter but, showed a decline of 35.3 per cent relative to the level at the end of the corresponding period of 2015. Economy The development the CBN said 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 $3.15billion, compared with $2.48billion and $3.65billion, 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, but 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. 73billion in the review quarter, compared with $9.69 billion and US$ 15.51billion 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 while 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.

Read more at: http://www.vanguardngr.com/2016/08/nigeria-economy-got-15-3bn-spent-6-6bn-import-3-months/

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