Nigeria records US$57.32bn surplus foreign exchange inflow in 2017 — CBN

Central Bank of Nigeria

THE Central Bank of Nigeria (CBN) has revealed that the total foreign exchange inflow into the Nigerian economy in 2017 surpassed total outflow by US$57.32 billion.

In its draft 2017 Annual Report released on Thursday, the apex bank noted that aggregate foreign exchange inflow into the economy rose by 45.0 per cent to US$91.00 billion, compared with US$62.75 billion in 2016.

A disaggregation showed that inflows, through the CBN and autonomous sources, were US$42.17 billion and US$48.33 billion, constituting 46.3 and 53.7 per cent, respectively, of the total.

In the same way, aggregate foreign exchange outflow, from the economy, increased by 31.8 per cent to US$33.68 billion, above the US$25.55 billion in 2016.

Of this amount the bank stated, outflow through the CBN accounted for 90.7 per cent, while autonomous sources explained the balance.

Foreign exchange outflow, through the CBN, increased by 31.9 per cent to US$30.55 billion, compared with US$23.16 billion in the preceding year.

This was attributed, mainly, to increased intervention by the Bank in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.

The CBN report also showed that currency notes valued at N2.601trillion were issued into circulation by the Bank in 2017, indicating an increase of 39.9 per cent over the level in the preceding year. In addition, the Bank continued its currency processing activities.

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Consequently, unfit/soiled banknotes, valued at N977.23 billion, were withdrawn from circulation, compared with N829.83 billion in 2016. Also,
a total of 65,139 pieces of counterfeit banknotes, valued at ₦44.30 million, was removed from circulation, compared with 77,576 pieces of banknotes, valued at of ₦51.45 million, in 2016. This showed a decrease of 16.0 per cent in volume, but an increase of 17.8 per cent in value, compared with the level in 2016.

Furthermore, the breakdown of the report showed that under a CBN domestication the arrangement with the Nigeria Security Printing and Minting (NSPM) Plc on the outstanding 325.35 million pieces of the ₦100 centenary commemorative banknote originally awarded to the Crane Currency, Sweden in 2014, the Company delivered 60.15 million pieces in 2017.

Thus, a cumulative of 959.84 million pieces or 95.9 per cent of the centenary commemorative banknotes had been delivered at end-December 2017, leaving a balance of 40.16 million pieces or 4.1 per cent.

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