Central Bank of Nigeria
External Sector, Nigeria, Second Quarter
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.
CBN Economic and Financial Review
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.