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Monthly Forex Inflow to Nigeria Down 17% at $5.42 Billion

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Forex Inflow to Nigeria

Aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42 billion in May, according to figures obtained from the Central Bank of Nigeria (CBN).

The latest figures on foreign exchange flow showed that $5.42 billion was recorded in May, down from $6.56 billion recorded in April.

The report stated, “The economy recorded a net foreign exchange inflow of $2.29 billion, relative to $2.61 billion in the previous month.

“Aggregate foreign exchange inflow into the economy fell by 17.3 per cent to $5.42 billion from $6.56 billion in April. Similarly, total foreign exchange outflow declined by 20.7 per cent to $3.13 billion from $3.95 billion in April.”

Further analysis showed that foreign exchange inflow through the CBN decreased by 14.2 per cent to $2.12 billion from $2.47 billion in the preceding month, largely attributed to a 47.2 per cent decline in crude oil export receipts.

Autonomous inflow also fell by 19.2 per cent to $3.31 billion from $4.09 billion, due to decreases in total over-the-counter purchases.

Foreign exchange outflow through the apex bank declined by 25.8 per cent to $2.12 billion, from $2.86 billion in April, attributed largely to decreases in matured swap transactions, drawings on letters of credits, third-party MDAs transfers, and foreign exchange sales at the Investors & Exporters and the Secondary Market Intervention Sales windows.

Autonomous outflow declined by 7.5 per cent to $1.01 billion from $1.09 billion in April, on account of lower invisible imports.

Consequently, a net outflow of $100 million was recorded through the Bank, compared with $390 million in April.

FX Sales

According to the report, total foreign exchange sales to authorised dealers by the Bank were $1.18 billion, a decrease of 24.4 per cent, below $1.56 billion in April.

A breakdown shows that foreign exchange sales at the Investors and Exporters (I&E) and interbank/invisible windows decreased by 37.9 per cent and 0.7 per cent to $160 million apiece, below their respective levels in the preceding month.

“Similarly, SMIS and matured swap contracts fell by 7.0 per cent and 71.4 per cent to $640 million and $100 million, respectively, compared to the amounts in April.

“However, foreign exchange sales at the Small and Medium Enterprises (SMEs) window rose by 8.4 per cent to $120 million in the review period,” the Apex bank revealed

Naira Performance

Amidst the waves of forex inflow and outflow, average exchange rate of the naira was relatively stable at the I&E window relative to the preceding month.

The average exchange rate of the naira per US dollar at the I&E window was relatively stable at ₦415.95/US$, compared with ₦415.53/US$ in April.

In terms of foreign exchange turnover at the I&E Window, investors traded an aggregate $124.32 million in May, a decrease of 13.4 per cent, below $143.55 million that exchanged hands in April 2022.


Forex Inflow to Nigeria … Forex Inflow to Nigeria … Forex Inflow to Nigeria

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