The Central Bank of Nigeria (CBN) has disclosed that the total foreign exchange inflow into the economy in 2017 surpassed total outflow by $57.32 billion.
In its draft 2017 Annual Report released on Thursday, the apex bank noted that aggregate foreign exchange inflow into the economy rose by 45.0 per cent to US$91.00 billion, compared with US$62.75 billion in 2016.
A disaggregation showed that inflows, through the CBN and autonomous sources, were $42.17 billion and $48.33 billion, constituting 46.3 and 53.7 per cent, respectively, of the total.
Of this amount, the bank stated, outflow through the CBN accounted for 90.7 per cent, while autonomous sources represented the balance.
Foreign exchange outflow, through the CBN, increased by 31.9 per cent to $30.55 billion, compared with $23.16 billion in the preceding year.
This was attributed, mainly, to increased intervention by the Bank in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.
The CBN report also showed that currency notes valued at N2.601trillion were issued into circulation by the Bank in 2017, indicating an increase of 39.9 per cent over the level in the preceding year. In addition, the Bank continued its currency processing activities.
Consequently, unfit/soiled bank notes, valued at N977.23 billion were withdrawn from circulation, compared with N829.83 billion in 2016. Also, a total of 65,139 pieces of counterfeit bank notes valued at ₦44.30 million, were removed from circulation, compared with 77,576 pieces of bank notes, valued at of ₦51.45 million in 2016. This showed a decrease of 16.0 per cent in volume, but an increase of 17.8 per cent in value, compared with the level in 2016.
A further analysis of the report shows that under a CBN domestication, the arrangement with the Nigeria Security Printing and Minting (NSPM) Plc on the outstanding 325.35 million pieces of the ₦100 centenary commemorative bank notes originally awarded to the Crane Currency, Sweden in 2014, the Company delivered 60.15 million pieces in 2017.
Thus, a cumulative of 959.84 million pieces or 95.9 per cent of the centenary commemorative banknotes had been delivered at end of December 2017, leaving a balance of 40.16 million pieces or 4.1 per cent.