Forex Inflow Slumps by 59.8% – CBN Report

Forex Inflow Slumps by 59.8% – CBN Report

Foreign exchange inflow into the economy fell by 59.8 percent in April according to figures obtained from the Central Bank of Nigeria monthly report on ‘Foreign exchange flows through the economy’.

This is according to a Punch Business Report on the foreign exchange.

Part of the report read, ‘Aggregate foreign exchange inflow into the economy declined sharply, reflecting tepid global economic recovery, which undermined foreign trade and capital flows across countries, despite the COVID-19 vaccination drive.

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“Foreign exchange inflow through the economy dropped by 59.8 percent to $4.97bn in April 2021.

“The decrease was attributed, largely, to a sharp decline in autonomous inflow, particularly invisible purchases and official non-oil receipts, which declined by 63.1 percent and 75.2 percent, to $2.95bn and $0.81bn, respectively, in April 2021.”

According to the report, a breakdown of activities showed that foreign exchange inflow through the CBN was $1.66bn in April 2021, a decrease of 55.8 percent below the $3.76bn in March 2021.

It added that inflow through autonomous sources, at $3.31bn in April 2021, was 61.6 percent below the level in March 2021.

The CBN also said that aggregate foreign exchange outflow through the economy fell by 13.7 percent in April 2021.

Aggregate foreign exchange outflow through the economy fell by 13.7 percent to $2.74bn, below the $3.18bn in the preceding month.

Outflow through the CBN declined by 10.4 percent to $2.58bn, compared with the $2.88bn in the preceding month, due largely to the bank’s policy on the foreign exchange market.

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It added that outflow through autonomous sources, at $0.16bn, decreased by 46.0 percent in April 2021, compared with March 2021.

Overall, it said, the country recorded a lower net inflow of $2.23bn in April 2021, compared with a net inflow of $9.19bn in the preceding month.

Forex Inflow Slumps by 59.8% – CBN Report