Central Bank of Nigeria
External Sector, Nigeria, Fourth Quarter
Transactions in foreign exchange through the Central Bank resulted in a net inflow of N495.7 million during the 4th quarter of 1987, as against a net inflow of Nl,184.5 million in the preceding quarter. This development increased the official reserves from N4, 159.0 million at the end of the 3rd quarter to N4,654. 7 million at the end of 1987. However the foreign exchange position was far from comfortable as the level of reserves could cover barely two months' imports.
CBN Economic and Financial Review
Central Bank of Nigeria (1987). Developments in Nigeria's External Sector during the Fourth Quarter of 1987. CBN Economic and Financial Review. 25(4), 21-22.