Central Bank of Nigeria
External Sector, Nigeria, Third Quarter
Nigeria's external transactions during the third quarter of 1986 resulted in a net inflow of N466.9 million in contrast with the net outflows of N25 million at the end of the preceding quarter and N247.1 million during the third quarter of 1985 (See Table 1). The apparent tum-around, did not, however, reflect any real improvement in the country's tight foreign exchange situation. In fact, outstanding arrears on current transactions at the end of the quarter showed an increase over the level at the end of the second quarter. The net inflow figure therefore was largely the result of administrative measures aimed at limiting outflows to a certain desired level. Also Nigeria was able to secure an extension to the moratorium on debt repayment which was agreed to by the country's creditors with effect from April 1, 1986 for an initial period of 90 days.
CBN Economic and Financial Review
Central Bank of Nigeria (1986). Developments in Nigeria's External Sector during the Third Quarter of 1986. CBN Economic and Financial Review. 24(3), 1-3.