The aggregate foreign exchange inflow into the Nigerian economy dropped by 17.3% to $6.58 billion in April 2022; compared with $7.95 billion in March, the Central Bank of Nigeria (CBN) Economic Report has revealed.
The central bank in its April 2022 Economic Report released over the weekend, stated that total FX outflow also decreased by 11.3% to $3.95 billion in, from $4.45 billion in the preceding month.
The report disclosed that FX inflow through the CBN declined by 25.6% to $2.47 billion, from $3.32 billion; attributed mainly to 54.3% decrease in non-oil components as a result of an inflow of $1.25 billion proceeds from government debts in the preceding month; as well as TSA, Third-party receipts and other official receipts.
According to the report, “FX autonomous inflow also decreased by 11.4% to $4.11 billion from $4.63 billion; due to a decline in invisible purchases: ordinary domiciliary account ($1.33 billion) and non-oil export receipts ($0.49 billion).
“FX outflow through the Bank declined by 19.3 per cent to $2.86 billion from $3.54 billion in March, due, largely, to decreases in FX sales at the Investors and Exporters window (I&E), Small and Medium Enterprises (SME) intervention and interbank/invisible FX windows, Drawings on Letters of Credits (LCs), as well as Public Sector/ Direct Payments.