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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.
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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.
Also Read: NIGERIAN GOVT SAYS CBN AUDIT REPORT TO BE PUBLISHED SOON
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.
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