Developments in Nigeria's External Sector during the Second Quarter of 1987

Authors

Central Bank of Nigeria CBN, Central Bank of Nigeria

Publisher

Central Bank of Nigeria

Keywords

External Sector, Nigeria, Second Quarter

Abstract

Transactions in foreign exchange through the Central Bank of Nigeria resulted in a net inflow of N 189 .3 million during the second quarter of 1987, in contrast with a net outflow of N819.0 million in the preceding quarter. As a result, the level of official reserves moved up from N2,785 .2 million in March toN2,974.5_million at the end of June. The increase notwithstanding, the June-end level of reserves was N629. 7 million lower than the December 1986 level and was adequate to finance only 1.8 months of the foreign exchange obligations at the prevailing rate of disbursements.

Author Bio

The authors are staff of the Balance of Payments Office, International Finance Division, Research Department, Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review

Issue

2

Volume

25

Recommended Citation

Central Bank of Nigeria (1987). Developments in Nigeria's External Sector during the Second Quarter of 1987. CBN Economic and Financial Review. 25(2), 22-23.