Adedapo Adesanya
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has said that aggregate foreign exchange (FX) inflows into the nation’s economy fell by 17.2 per cent to $6.58 billion in April 2022 from the $7.95 billion recorded in the preceding month.
The CBN made this known in its April monthly report on forex flows through the economy.
The report noted that “The economy recorded a lower net foreign exchange inflow of $2.63bn from $3.53 billion in the preceding month. Aggregate foreign exchange inflow into the economy fell by 17.2 per cent to $6.58 billion in April 2022, compared with $7.95 billion in March.
“Similarly, total foreign exchange outflow decreased by 11.3 per cent to $3.95 billion from $4.45 billion in the preceding month.”
The report said further analysis showed that forex inflows through the bank declined by 25.6 per cent to $2.47 billion from $3.32 billion, mainly due to a 54.3 per cent decrease in non-oil components as a result of inflows of $1.25 billion proceeds from government debts in the preceding month, as well as TSA, third-party receipts and other official income.
Autonomous inflows also decreased by 11.4 per cent to $4.11 billion from $4.63 billion, due to a decline in invisible purchases, which included ordinary domiciliary accounts which accounted for $1.33 billion and non-oil export receipts pegged at $490 million.
Foreign exchange outflows through the bank declined by 19.3 per cent to $2.86 billion from $3.54 billion in March, due, largely, to decreases in foreign exchange sales at the Investors and Exporters window, Small and Medium Enterprises intervention (SMEI), and interbank/invisible foreign exchange windows.
Autonomous outflows increased by 20 per cent to $1.09 billion from $910 million in March, on account of increased invisible imports.
Consequently, net outflows of $390 million were recorded through the bank in April 2022, compared with net outflows of $230 million in the previous month.
