CBN Governor
CBN Governor

CENTRAL Bank of Nigeria has put the nation’s gross external reserves at the end of the second quarter of 2016 stood at US$26.51 billion, showing a decline of 3.0 per cent and 6.5 per cent, compared with the levels in the preceding quarter and the corresponding period of 2015, respectively. This was obtained from the second quarter 2016 Economic report posted at the apex bank website. The report also explained that the development, relative to the preceding quarter, was due to increased sales of foreign exchange at the interbank market and notional changes in the value of third currencies. A breakdown of the official external reserves showed that CBN reserves stood at US$19.44 billion 73.3%, Federation reserves, US$2.45 billion 9.3%, and the Federal Government reserves, US$4.61 billion 17.4%. A total of US$4.31 billion was sold by the CBN to authorized dealers during the second quarter of 2016. This reflected an increase of 22.7 per cent above the level in the preceding quarter, but a decline of 41.5 per cent relative to the level in the corresponding period of 2015. The development, relative to the preceding quarter, was attributed to the increased intervention by the CBN at the forex market and swap transactions. Of the aggregate, inter-bank and swaps sales were US$3.11 billion and US$1.20 billion, respectively The average exchange rate at the inter-bank segment was N209.13/US$, compared with N197.00/US$ in the first quarter of 2016 and indicated a depreciation of 6.2 pe


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