By Chioma Iruke
Figures from Nigeria’s Apex bank, the Central Bank of Nigeria (CBN) monthly report on ‘Foreign Exchange Flows Through The Economy’ indicates that foreign exchange inflow into the economy fell by 59.8 percent in April.
Part of the report read, “Aggregate foreign exchange inflow into the economy declined sharply, reflecting tepid global economic recovery, which undermined foreign trade and capital flows across countries, despite the COVID-19 vaccination drive.
“Foreign exchange inflow through the economy dropped by 59.8 per cent to $4.97bn in April 2021.
“The decrease was attributed, largely, to a sharp decline in autonomous inflow, particularly invisible purchases and official non-oil receipts, which declined by 63.1 per cent and 75.2 per cent, to $2.95bn and $0.81bn, respectively, in April 2021.”
According to the report, a breakdown of activities showed that foreign exchange inflow through the CBN was $1.66bn in April 2021, a decrease of 55.8 percent below the $3.76bn in March 2021.
It added that inflow through autonomous sources, at $3.31bn in April 2021, was 61.6 percent below the level in March 2021.
The CBN also said that aggregate foreign exchange outflow through the economy fell by 13.7 percent in April 2021.
Aggregate foreign exchange outflow through the economy fell by 13.7 percent to $2.74bn, below the $3.18bn in the preceding month.
Outflow through the CBN declined by 10.4 percent to $2.58bn, compared with the $2.88bn in the preceding month, due to the bank’s policy on foreign exchange market.
Overall, it said, the country recorded a lower net inflow of $2.23bn in April 2021, compared with a net inflow of $9.19bn in the preceding month.