Forex Inflows Drop 17% To $6.6bn.

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Aggregate foreign exchange inflows into the economy fell by 17.3 per cent to $6.58bn in April.

The Central Bank of Nigeria disclosed this in its April monthly report on foreign exchange flows through the economy.

It stated that, “The economy recorded a lower net foreign exchange inflow of $2.63bn, from $3.53bn in the preceding month. Aggregate foreign exchange inflow into the economy fell by 17.3 per cent to $6.58bn in April 2022, compared with $7.95bn in March.

“Similarly, total foreign exchange outflow decreased by 11.3 per cent to $3.95bn, from $4.45bn in the preceding month.”

The report said further analysis showed that foreign exchange inflows through the bank declined by 25.6 per cent to $2.47bn, from $3.32bn, attributed mainly to 54.3 per cent decrease in non-oil components as a result of inflows of $1.25bn proceeds from government debts in the preceding month, as well as TSA, third-party receipts and other official income.

Punch.

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