A total of $88.4 billion left the shores of Nigeria to foreign lands through official channels in 2013 of which $18.3 billion was remmitted in three months thus giving an average foreign exchange outflow of $1.7 billion weekly.
This is just as the Excess Crude Account (ECA) component of foreign reserves has now fallen to just $2.5 billion, compared to $11.5 billion a year ago. The $18.3 billion went out of the country in the form of capital flight, which Nigerians indulged in.
According to figures captured by the International Remmittance unit of CBN, the amount was remitted through banks, Bureau De Change, Travel agencies and debt payment to foreign creditors to which Nigeria owes some money.
