Nigeria Records $35.44 Billion Forex Inflow

The Central Bank of Nigeria (CBN) has disclosed that a total forex inflow of $35.44 billion was realised by the country as at June this year, compared to $28.85billion as at the end of June 2011.

The central bank stated this in its Economic Report for the first half of 2012, posted on its website Thursday.

 This, according to the regulator, reflected rise in crude oil receipts and autonomous inflows. However, forex outflow dropped relative to the level in the corresponding period of 2011.

“The exchange rate was relatively stable during the first half of 2012. The demand pressure moderated at the forex market owing to the intervention by the bank and the increased supplies from autonomous sources,” it explained.

The report also showed that total federally-collected revenue (gross), at N5.577 trillion in the first half of the year, was 15.1 and 17.2 per cent higher than both the proportionate budget estimate for fiscal 2012 and the actual revenue in the corresponding period of 2011, respectively.

Oil revenue also contributed 78.1 per cent and non-oil revenue accounted for the balance during the period under review.

“At N1.742 trillion, the Federal Government retained revenue was 12.4 per cent lower than the proportionate budget estimate, but higher than the level in the first half of 2011 by 33.4 per cent. Aggregate expenditure of the Federal Government, at N2.024 trillion, was 20.9 per cent lower than the proportionate budget estimate, but exceeded the amount expended in the first half of 2011 by 3.3 per cent.

“The lower expenditure performance reflected the delayed disbursements of capital budget and transfers. Notwithstanding, the fiscal operations of the Federal Government resulted in an overall notional deficit of N281.82 billion or 1.5 per cent of GDP, compared with the proportionate budget deficit of N568.31 billion and the actual deficit of N650.23 billion at end-June 2011.

“At N7.103 trillion, the stock of federal government consolidated debt comprised domestic N6.153 trillion and external $6.04 billion (N950.61 billion), rose by 17.6 per cent above the level at end-June 2011,” it said.

The apex bank maintained that its monetary policy focus in the first half of the year remained the maintenance of price and monetary stability through liquidity management.

The bank said it took necessary steps to sustain financial sector stability and banking soundness as well as enhance the efficiency of the payment system within the period.

“Monetary targeting was, in principle, the main framework for monetary management, although actual implementation of monetary policy was generally eclectic with focus on both quantity and price variables guide monetary policy decision,” it explained.

It also showed that at the end of June 2012, the volume and value of cleared cheques decreased by 12.1 and 13.5 per cent to 18,154,880 and N10.081 trillion, from 20,663,260 and N11.658 trillion, respectively, at end-December 2011. This development resulted from increased use of electronic channels.