Nairametrics| Official records of the CBN indicates that the external reserves as at March 29, 2017 currently stands at $30,296,992,832 . Gross external reserves was $30,340,326,322 as at the 24th of March 2017.
Quick takes
- The Central Bank has sold over $2 billion in the last one month since it introduced a new FX intervention policy that is directed at the retail end of the FX market.
- Nigeria’s external reserves was about $25.5 billion at the end of 2016 with over $5 billion accruing in the first quarter of 2017.
- The largest increase recorded was in the month of January where external reserves added a net amount of $2.3 billion. Another $1.4 billion was added in February 2017.
- As at March 29, the external reserves added a net inflow of just $650 million
- This is the lowest net inflows since November 2016 when a negative outflows of $579 million
- We believe that the reduction in net inflows is direct result of the ratcheting up of dollar sales through banks in the last one month
- The CBN had on February 20th announced a new FX intervention policy which involved selling FX directly to retail investors, forcing rates in the black market to fall below N400 from a high of N522/$1.
- Black market FX rates trades at about N385 compared to CBN retail rate of N362.
- Nigeria’s FX reserves has increased in recent months after recording a period of relative peace in the Niger Delta.
CBN Inflows
- Data from the CBN shows oil inflows for January and February was $615 million and $842 million respectively.
- Non-oil inflows is currently at $1.9 billion and $1.5 billion for January and February respectively.
- Both oil and non-oil inflows pass through the CBN.
- Total cash inflows from autonomous sources was $2.1 billion and $2,9 billion for January and February respectively. It was about $4.2 billion in December 2016.
- Total cash inflows from autonomous sources was $2.1 billion and $2,9 billion for January and February respectively. It was about $4.2 billion in December 2016.
- Total cash inflows into domiciliaroy accounts (which is a major portion of inflows into autonomous sources) about $1.2 billion and $1.7 billion for January and February respectively.
- CBN February data also shows total net inflows was $5.4 billion compared to outflows of $4.1 billion. It was $4.7 billion/$3.5 billion in January 2017
- Net outfl
FX Balances last one year.
