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.
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 $120 million in the review period,” the Apex bank revealed
Amidst the waves of forex inflow and outflow, average exchange rate of the naira was relatively stable at the I&E window relative to the preceding month.
The average exchange rate of the naira per US dollar at the I&E window was relatively stable at ₦415.95/US$, 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.
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