Regulatory Alerts2004-03-29 | TED-AD-46-2004Economic Report For The Month Of January 2004
Here is a summary of the important points from the text: 1. Nigeria's total foreign exchange inflow increased by 3.5% to US$809.77 million in January 2004 compared to December 2003. 2. Foreign Exchange Market (FEM) demand rose by 16.3%, with a weighted average exchange rate of N136.08 per dollar, appreciating by 0.8% from the previous month. 3. Inflow and outflow for the economy in January 2004 increased by US$797.97 million and declined by US$212.64 million respectively, compared to the same period in 2003. 4. Industrial sector accounted for 51.1% of total foreign exchange disbursed in January 2004, followed by invisibles (16.6%). 5. Nigeria's gross external reserves increased by 11.5% to US$8,324.0 million at end-January 2004 from the previous month. 6. The bureaux de change segment of the market appreciated from N150.42 per dollar in December 2003 to N147.65 per dollar in January 2004, with a premium between the two segments at 8.50%. 7. The National Interactive Forum on Trade and Investment was organized by the Federal Ministry of Commerce. These points represent key highlights from the original text about Nigeria's foreign exchange inflow, outflow, market utilization, reserve, and other relevant international economic developments in January 2004.