By Yakubu LAAH investadvocate

Oct 12 2010 05.00 GMT

 

Lagos (investadvocate)- The total non-oil export earnings by Nigerian exporters in the second quarter (Q2)of 2010 fell by 56.4 percent  (56.4%) to US$297.2 million from the level in the preceding quarter. This was contained in the Central Bank of Nigeria’s (CBN’s) Q2 Economic Report made available to investdadvocate.

 

 

Compare this to the same period in year 2009, when total non-oil export earnings by Nigeria’s Exporters was put at 46.4% to US$379.06.

 

 

The CBN in the Report attributed the development largely to the decline in the prices of the goods traded at the international market.

 

 

 

The Apex Bank affirmed that a breakdown of the proceeds in the review quarter showed that the proceeds of industrial, agricultural, manufactured products, minerals, food products and transport stood at US$149.1 million, US$59.1 million, US$56.5 million, US$20.1 million, US$12.1 million and US$0.3 million, respectively.

 

 

The shares of industrial, agricultural, manufactured products, minerals, food products and transport in non-oil export proceeds were put at 50.2, 19.9, 19.0, 6.7, 4.1 and 0.1%, respectively, in the review quarter.

 

 

Compared to the same period of 2009 were the CBN recorded proceeds from the  industrial, food products, manufactured products, transport, agricultural, and minerals stood at US$158.7million, US$7.92 million, US$74.79 million, US$0.17 million, US$70.68 million and US$66.80 million, respectively.

 

 

The shares of industrial, food products, manufactured products, transport, agricultural, and minerals subsectors in non-oil export proceeds were 41.9, 2.1, 19.7, 0.1, 18.6 and 17.6%, respectively,

 

This CBN affirmed was attributed largely to the increase in the prices of the goods traded at the international Market; contrary to  the decline in the prices of the goods traded at the international market in the review period.

 

 

 

In the same vein, foreign exchange demand by the authorised dealers stood at US$9.3 billion, indicating an increase of 22.4% over the level in the preceding quarter. “Relative to the level in the corresponding period of 2009, demand also rose, by 55.0%” the Report said.

 

 

A total amount of US$8.1 billion was sold by the CBN during the review period, indicating an increase of 32.8% over the level in the preceding quarter.

 

 

Under the World Dutch Auction System (WDAS), the average exchange rate of the Naira vis-à-vis the US dollar depreciated by 0.1% cent to N150.13 per dollar from N149.94 in the preceding quarter.

 

 

It also depreciated by 0.1% relative to the level in the corresponding quarter of 2009. In the bureaux-de-change segment of the market, the naira traded at an average of N153.04 per dollar, compared with N152.49 and N153.16 per dollar in the preceding quarter and the corresponding quarter of 2009, respectively.

 

 

In the interbank segment, the Naira exchanged for an average of N151.05 to the US dollar in Q2 2010, compared with N150.46 and N150.35 per dollar in Q1 2010 and Q4 2009, respectively.

 

 

The premium between the WDAS and the bureaux-de-change rates widened from 1.7% in the preceding quarter to 1.9%, and that between the WDAS and interbank widened insignificantly from 0.4% in the preceding quarter to 0.6%.