The total outflow of forex from the country in
Similarly, the provisional data of the Central Bank of
According to the central bank's economic report for
However, this was in contrast with the net inflow of
The increase in inflow relative to the preceding month was attributed to the 12 per cent rise in crude oil receipts.
In the same vein, outflow rose by 42.1 and 214.4 per cent respectively, above the levels in the preceding month and the corresponding period of 2013. The development was attributed, largely, to the increase in Retail Dutch Auction System (RDAS) utilisation.
On the other hand, the report showed that
This was 0.06 mbd or 3.1 per cent lower than the 1.92 mbd or 59.52 million barrels produced in the preceding month.
Crude oil export was estimated at 1.41 mbd or 39.48 million barrels for the month. This represented a decrease of 4.1 per cent when compared to the 1.47 mbd or 45.57 million barrels recorded in the preceding month.
"Deliveries to the refineries for domestic consumption remained at 0.45 mbd or 12.6 million barrels during the review month.
"At an estimated average of
The average prices of other competing crudes, namely the West Texas Intermediate at
The average price of
Furthermore, the report showed that estimated federally collected revenue in the month under review at N847.81 billion, exceeded the receipts in the preceding month by 25.5 per cent, but was lower than the monthly budget by 10.3 per cent.
The decline, relative to the 2013 monthly budget estimate, was attributed, largely, to the shortfall in non-oil revenue during the review period. Relative to the preceding month, growth in estimated federally-collected revenue (gross) was attributed to increases in both oil and non-oil revenue.
"At N630.14 billion, oil receipts (gross), which constituted 74.3 per cent of the total revenue, exceeded the receipts in the preceding month by 32.8 per cent, but was lower than the monthly budget estimate by 2.2 per cent.
"The fall in oil receipts relative to the monthly budget estimate was attributed to the shortfall in receipts from crude oil and gas export due to pipe line vandalism resulting in a drop in production," it added.
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