Foreign Exchange Inflow Falls To $4.97bn

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Saturday, September 25th, 2021

(AFRICAN EXAMINER) – The Central Bank of Nigeria has stated that the Foreign exchange inflow into the economy fell by 59.8 per cent in April.

This was contained from the monthly report on ‘Foreign exchange flows through the economy’.

The statement partly 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.

“Foreign exchange inflow through the economy dropped by 59.8 per cent 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 per cent and 75.2 per cent, to $2.95bn and $0.81bn, respectively, in April 2021.”

The report also gave a breakdown of activities showing that foreign exchange inflow through the CBN was $1.66bn in April 2021, a decrease of 55.8 per cent below the $3.76bn in March 2021.

It also pointed out that inflow through autonomous sources, at $3.31bn in April 2021, was 61.6 per cent below the level in March 2021.

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

Also, aggregate foreign exchange outflow through the economy decreased by 13.7 per cent to $2.74bn, below the $3.18bn in the preceding month.