Central Bank of Nigeria
External Sector, Nigeria, Second Quarter
The pressure on the external sector eased considerably in the second quarter of 1989 as foreign exchange flows into. and out of the economy indicated a turn around from a net outflow of 'fijl .7 million in the second quarter of 1988 to a net inflow of $245 .0 million. The improvement was attributed to increased earnings by the oil sector due to the rise in crude oil prices and export volume, increased drawings on external loans, decline in debt service and reduced funding of the foreign exchange market. However, the position represented a deterioration when compared with the net inflow of $.530.8 million recorded in the first quarter of this year, principally because of the huge increase in disbursements.
CBN Economic and Financial Review
Central Bank of Nigeria (1989). Developments in the External Sector during the Second Quarter of 1989. CBN Economic and Financial Review. 27(2), 28-32.