Inflows of foreign currency into the economy as a whole decreased by 17.3% to $6.58 billion in April. This information was provided in the Central Bank of Nigeria’s (CBN) April monthly report on the movement of foreign exchange throughout the economy.
“The economy experienced a reduced net foreign exchange inflow of $2.63 billion, down from $3.53 billion in the prior month,” it was reported. The inflow of foreign currency into the economy as a whole decreased by 17.3% to $6.58 billion in April 2022 from $7.95 billion in March.
“Similarly, total foreign exchange outflow decreased by 11.3 per cent to $3.95bn, from $4.45bn in the preceding month.”
Further analysis, according to the report, revealed that foreign exchange inflows through the bank fell by 25.6% to $2.47 billion from $3.32 billion. This decline was primarily caused by a 54.3% decline in non-oil components as a result of inflows of $1.25 billion in proceeds from government debts in the preceding month, as well as TSA, third-party receipts, and other official income.
Autonomous inflows also fell by 11.4%, from $4.63 billion to $4.11 billion, as a result of a drop in invisible purchases, which included regular domestic accounts ($1.33 billion) and non-oil export revenues ($0.49 billion).
Foreign exchange sales via the Investors and Exporters window, the Small and Medium Enterprises intervention, and other factors contributed to a 19.3% fall in foreign exchange outflows through the bank to $2.86 billion from $3.54 billion in March.
Autonomous outflows increased by 20 per cent to $1.09bn from $0.91bn in March, on account of increased invisible imports. Consequently, net outflows of $0.39bn were recorded through the bank in April 2022, compared with net outflows of $0.23bn in the previous month.
The CBN Governor, Godwin Emefiele, had, earlier, announced the RT200 FX Programme to boost forex supply in the country through the non-oil sector in the next three to five years.
He explained that the RT200 FX Programme was a set of policies, plans and programmes for non-oil exports that would enable the country to maintain a $200bn goal in FX repatriation, exclusively from non-oil exports.
