Nigeria’s Oil sector accounts for 28% of foreign exchange inflow -CBN
The oil and gas sector accounted for 28.4 per cent of the total foreign exchange inflow into the Nigerian economy in the second quarter of 2014, the Central Bank of Nigeria, CBN, has declared.
In its Economic Report for the Second Quarter of 2014, CBN put receipts from crude oil export in the second quarter 2014 at $11.21 billion, about N1.79 trillion.
This represented an increase of 14.15 per cent and 21.85 per cent when compared with crude oil export receipts of $9.82 billion and $9.20 billion for the first quarter of 2014 and the corresponding quarter of 2013, respectively.
According to the CBN, autonomous inflow, which accounted for 67.9 per cent of the total, rose by 1.9 per cent above the level in the first quarter of 2014.
“At $13.06 billion, aggregate foreign exchange outflow from the economy, declined by 18.5 per cent below the level in the preceding quarter, but indicated an increase of 3.3 per cent above the level in the corresponding quarter of 2013.
“The decline, relative to the preceding quarter, was accounted for, mainly, by lower demand at the retail Dutch auction segment (rDAS). Overall, a net inflow of US$26.39 billion was recorded in the second quarter of 2014, compared with $20.48 billion and $24.57 billion in the preceding quarter and the corresponding quarter of 2013, respectively,”