…As external reserves increase by 74.6%
…Foreign exchange inflow into Nigeria hits $91 billion
The Central Bank of Nigeria (CBN) has reported 35 per cent increase in total assets to N29.6 trillion in 2017 from N21.9 trillion reported in 2016.
But it is worthy of note that growth in external reserves and loans & receivables aided CBN’s growth in total assets in the year under review.
For instance, external reserves rose by 74.6 per cent to N14.58 trillion in 2017 from N8.35 trillion in 2016, loans & receivables added 28.3 per cent to N10.3 trillion from N8.02 trillion reported in 2016.
For the 2017 report, the CBN reported 11 per cent increase in total liabilities to N12.5 trillion from N21.2 trillion in 2016, driven by 11.03 per cent increase in deposits to N12.5 trillion in 2017 as against N11.23 trillion reported in 2016.
The released audited financial statements for the year ended December 31, 2017 showed net income for the Group depreciated by 13.7 per cent from N124.47 billion recorded in the same period of 2016 to N107.4 billion.
The Governor, CBN, Mr. Godwin Emefiele, in a statement said: “Many would agree that the year 2017 was an enthralling and exerting one for the Central Bank of Nigeria (CBN) and for the Nigerian economy on the whole.
“As I present the 2017 Annual Report and Statement of Accounts of the CBN, I am delighted to note that the economic uncertainties and foreign exchange challenges endured in the preceding year began to abate during 2017.
“The onset of economic turnaround witnessed during the year was accompanied by brightening short-term outlook even as global recovery remained less-than-expected.
“In the financial markets, foreign exchange pressures which characterised the preceding year abated considerably during 2017 as the naira-dollar exchange rate appreciated, converged and stabilised across the various windows and segments of the market.
“External reserves also recovered remarkably during the year under review with a 45.8 per cent annual accretion to $39.35 billion as at end-December 2017.”
During the same period, the apex bank disclosed that the aggregate foreign exchange inflow into the country stood at $91 billion.
The CBN, its 2017 annual report stated that the figure was an increase of 45 per cent from $62.75 billion in 2016.
The bank also said the figure surpassed the total outflow by $57.32 billion in the period.
According to the bank, inflow through the CBN was $42.17 billion, while inflow through autonomous sources amounted to $48.33 billion.
In percentage terms, inflow through the CBN accounted for 46.3 per cent, while autonomous sources took 53.7 per cent.
Also, aggregate foreign exchange outflow, from the economy, increased by 31.8 per cent to $33.68 billion, higher than the $25.55 billion in 2016.
The report said the outflow through the CBN accounted for 90.7 per cent, about $30.55 billion. It was $23.16 billion in 2016.
Outflow via autonomous sources was calculated at $3.13 billion
The increase was attributed to the increased intervention by the CBN in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.