The Central Bank of Nigeria, CBN, on Monday, February 15, in its Economic Report of the Nigerian Economy for the month of November 2015 said it recorded $2.48 billion foreign exchange inflow and $2.50 billion outflow.
This situation, the apex bank said resulted in a net out flow of $2million.
According to the report “Foreign exchange sales by the CBN to the authorized dealers amounted to $2.20billion and represented a 0.5per cent decrease below the level in October 2015.
The average exchange rate at the inter-bank segment remained same at N196.99 per US dollar as in the preceding month, but showed a depreciation of 15.13 per cent relative to the level in the corresponding period of 2014.
The report stated: “At the BDC segment, the average exchange rate, at N233.94 per US dollar, depreciated by 4.1 and 33.0 per cent, relative to the levels in the preceding month and the corresponding period of 2014, respectively. Gross external reserves increased by 3.2 per cent above the preceding month’s level.”
According to the CBN “At N20.4708 trillion, aggregate credit to the domestic economy, on month-on-month basis, fell by 4.1per cent at end-November 2015, compared with the decline of 0.8 per cent at the end of the preceding month.
The development reflected the 22.0 and 2.0 per cent fall in claims on the Federal Government and private sector, respectively. Over the level at end-December 2014, net domestic credit grew by 6.2 per cent at the end of the review period, compared with the growth of 10.8 per cent at the end of October 2015. The development reflected the increase in claims on the Federal Government and private sector.”
It said that “Banking system’s credit (net) to the Federal Government, on month-on-month basis, fell by 22.0 per cent to N1.7640 trillion at end-November 2015, compared with the decline of 18.9 per cent at the end of the preceding month. Government securities The development was attributed to the 33.9 per cent decline in banking system’s holding of Government securities.
Over the level at end-December 2014, aggregate banking system credit (net) to the Federal Government grew by 53.4 per cent, compared with the growth of 96.7per cent at the end of the preceding month”. It also said that “At N18.7068trillion, banking system’s credit to the private sector, on month-on-month basis, fell by 2.0 per cent, in contrast to 1.9 per cent growth at end-October 2015.
