Forex inflow from the Central Bank of Nigeria's (CBN's) bi-weekly auction declined by 17.3 per cent to $10.02 billion in the second quarter, from N11.730 billion the preceding quarter.

The apex bank disclosed this in its second quarter report posted on its website Wednesday.

This however represented an increase by 13.2 per cent above the level in the corresponding quarter of 2011.

According to the CBN, outflow during the period under review, amounted to $9.61 billion, showing a decline of 1.5 and 12.4 per cent below the levels in the preceding quarter and the corresponding quarter of 2011, respectively.

"This resulted in a net inflow of $0.41 billion, compared with a net inflow of $2.36 in the preceding quarter. However, it contrasts with a net outflow of $2.12 billion recorded in the corresponding quarter of 2011.

"The fall in inflow relative to the preceding quarter was attributed to the decline in crude oil sales and non-oil receipts, while the fall in outflow was attributed to the decline in the WDAS Forward Contract and NNPC/JVC Cash Calls payments," it added.

Available data on aggregate forex flows through the economy indicated that total inflow amounted to $27.43 billion, representing a decline of 3.0 per cent below the preceding quarter. But it reflected an increase of 19.5 per cent above the level in the corresponding quarter of 2011.

Oil sector receipts, which accounted for 35.2 per cent of the total, stood at $9.66 billion, compared with the $11.63 billion and $8.47 billion achieved in the preceding quarter and corresponding quarter of 2011 respectively.

Meanwhile, the naira firmed against the US dollar on the interbank market yesterday due to sale of the greenback by an oil company and some banks towards the close of trading.

The local currency closed at N158.25 to a dollar on the interbank, as against the N158.15 to a dollar it closed the previous day. Traders said a local unit of US oil giant-Chevron sold about $12 million to some banks while some units of foreign banks sold additional dollars in the market to enable them stay within the stipulated one per cent open position limit.

At the bi-weekly auction, the CBN sold $180 million at N155.80 to a dollar, compared with the $250 million sold at the same rate on Monday.