Nigeria’s Forex Inflows Rise to $34b

The total value of foreign exchange inflows into the Nigerian economy in the first quarter of 2013 was $34.20 billion, a Central Bank of Nigeria (CBN) report has shown.

The CBN disclosed this in its “external sector development report,” for first quarter 2013 obtained on its website.

Reuters reported that the amount represented an increase by $1.9 billion, compared to the $32.24 billion recorded in the fourth quarter of 2012.

The report however showed that the total outflows in the review period amounted to $6.40 billion, as against the $8.15 billion and $10.09 billion recorded in the fourth quarter and first quarter 2012 which represented declines of 21.5 and 36.5 per cent, respectively.