Forex inflow hits $10.7bn in two months - CBN

Nigeria recorded $10.7bn aggregate foreign exchange inflow into the economy in April and May, figures obtained from the Central Bank of Nigeria have revealed.

The CBN disclosed this in its May economic report on foreign exchange flows through the economy which was released on Tuesday.

According to the report, the economy recorded a higher net foreign exchange inflow in May relative to the preceding month.

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.