CBN says forex inflow hits $10.7bn in two months

According to data collected from the Central Bank of Nigeria (CBN), the country’s economy received a total inflow of $10.7 billion in foreign currency for the months of April and May.

This information was provided by the CBN in its May economic report on the movement of foreign exchange throughout the economy, which was made public on Tuesday.

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In comparison to April, the economy experienced a greater net foreign exchange inflow in May, the research said.

It stated that, “Foreign exchange flow through the economy recorded a net inflow of $3.59bn, compared with $2.02bn in the preceding period.

“Aggregate foreign exchange inflow into the economy increased by 29.1 per cent to $6.03bn, from $4.67bn in the preceding month. However, foreign exchange outflow fell by 8.2 per cent to $2.44bn from $2.65bn in the preceding month.”

According to the CBN, foreign exchange inflows through the Bank decreased by 27.9 per cent to $1.70bn, from $2.36bn in April.

Outflow through the Bank fell by 15.2 per cent to $2.03bn, from $2.39bn in April.

“As such, the CBN recorded a net outflow of $0.33bn, compared with a net outflow of $0.03bn in the preceding month,” the report said.

It added that autonomous inflow increased by 87.2 per cent to $4.33bn from $2.31bn in the preceding month.

Similarly, autonomous outflow increased to $0.41bn from $0.26bn in April.

Consequently, a net inflow of $3.92bn was recorded, compared with $2.05bn in April.