CBN records N29.31trn increase in assets, liabilities in 2017 – Official

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The Central Bank of Nigeria’s  balance  sheet  size expanded  further in  2017 with the  total  assets and liabilities increasing  by 35.0 per  cent to N29.31trillion.

According to an information obtained from the CBN, the  increase in  assets resulted  mainly  from  external reserves,  loans  and receivables, as well as holdings of  Special Drawing Rights and  Quota  in  the IMF.

The corresponding  increase  on  the  liability  side resulted  mainly from increased CBN-issued instruments, increased IMF  and other liabilities.

In the same vein, the apex bank revealed that the total foreign exchange inflow into the Nigerian economy in 2017 surpassed total outflow by $57.32 billion in the same period, noting that the aggregate foreign exchange inflow into the economy rose by 45.0 per cent to $91.00 billion, compared with $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 of the total, respectively.

Further analysis of the information, however, showed that the aggregate foreign exchange outflow, from the economy, increased by 31.8 per cent to $33.68 billion, above the US$25.55 billion in 2016.

Of this amount, the bank stated, outflow through the CBN accounted for 90.7 per cent, while autonomous sources explained 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 segments of the foreign exchange market.

The information from the CBN 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Consequently, unfit/soiled banknotes, valued at N977.23 billion, were withdrawn from circulation, compared with N829.83 billion in 2016.

However, a total of 65,139 pieces of counterfeit banknotes, valued at N44.30 million, was removed from circulation, compared with 77,576 pieces of banknotes, valued at of N51.45 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.