The provisional cumulative inflow of foreign exchange (FX) into the Nigerian economy rose to US$33.02 billion as of December 2016, representing a 13.3 per cent increase above the level in the first half of last year.
Of this amount, inflow through autonomous sources accounted for 62.3 per cent, while inflow through the Central Bank of Nigerian (CBN) accounted for 37.7 per cent.
The CBN disclosed this in its Financial Stability Report as of December 2016, obtained on its website Thursday.
According to the report, total FX outflow from the economy rose by 14.8 per cent to US$13.64 billion from the level in the first half of 2016. The rise in outflow was mainly attributed to the increase in the interbank forwards settled in the second half of 2016. The economy recorded a net FX inflow of US$19.38 billion, representing 12.21 per cent rise above the level in the first half of 2016.
The total autonomous inflow rose by 0.7 per cent to US$20.58 billion, compared to the level in the first half of 2016 due mainly to rise in invisibles by 2.5 per cent, of which 62.3 per cent was accounted for by ordinary domiciliary accounts. FX inflow through the CBN rose by 42.9 per cent above the level in the first half of 2016 to US$12.45 billion, due to increases in crude oil and non-oil export earnings. Receipts from crude oil sales rose by 22.7 per cent to US$5.66 billion, in the first half of 2016.
This was attributed to the gradual increase in domestic production and international crude oil prices. The non-oil receipts rose by 65.5 per cent to US$6.79 billion in the second half of 2016, due mainly to increase in other official receipts.