FX Monthly Inflow Falls By 17% 

According to figures obtained from the Central Bank of Nigeria, aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42bn in May 2022.

The latest figures on foreign exchange flow showed that $5.42bn was recorded in May, down from $6.56bn recorded in April.

The report stated, “The economy recorded a net foreign exchange inflow of $2.29bn, relative to $2.61bn in the previous month.

“Aggregate foreign exchange inflow into the economy fell by 17.3 per cent to $5.42bn from $6.56bn in April. Similarly, total foreign exchange outflow declined by 20.7 per cent to $3.13bn from $3.95bn in April.”

Also, foreign exchange inflow through the CBN decreased by 14.2 per cent to $2.12bn from $2.47bn in the preceding month, largely attributed to a 47.2 per cent decline in crude oil export receipts.

Autonomous inflow also fell by 19.2 per cent to $3.31bn from $4.09bn, due to decrease in total over-the-counter purchases.

Foreign exchange outflow through the apex bank declined by 25.8 per cent to $2.12bn, from $2.86bn in April, attributed largely to decreases in matured swap transactions, drawings on letters of credits, third-party MDAs transfers, and foreign exchange sales at the Investors & Exporters and the Secondary Market Intervention Sales windows.

Autonomous outflow declined by 7.5 per cent to $1.01bn from $1.09bn in April, on account of lower invisible imports.

Consequently, a net outflow of $0.01bn was recorded through the Bank, compared with $0.39bn in April.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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