Developments in the external sector during the second quarter of 1988.

Abstract

Provisional data on foreign exchange transactions through the Central Bank indicated a net outflow of 883.6 million naira during the second quarter of 1988, compared with a net outflow of 235.3 million naira in the preceding quarter and a net outflow of 189.3 million naira during the corresponding quarter of 1987. Thus, the extemal reserves declined from 402.6 million ($1025.6 million) in March to 3519.0 million ($815.9 million) in June 1988. This paper reports that the reserves could finance barely 1.6 months of foreign exchange commitments at the current monthly rate of foreign exchange disbursement.