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Nigeria Foreign Exchange Inflow Appreciate By $10.75bn

 

Nigeria Foreign Exchange Inflow Appreciate By $10.75bn

A monthly data report by the Central Bank of Nigeria (CBN) showed that the country recorded the sum of $10.75bn foreign exchange inflow in two months.

Naija News understands that the data contained in the apex bank’s monthly economic report on forex showed that the reported figures were driven by favourable sovereign ratings and higher oil and gas prices.

The development indicates a higher net foreign exchange inflow.

The CBN report noted that aggregate foreign exchange inflow into the economy rose by 42.8 per cent, to $6.32bn in February 2022, compared to $4.43bn in January 2022.

“However, the total foreign exchange outflow decreased by 5.8 per cent to $3.17bn, from the $3.36bn in the preceding month.

“Further analysis shows that foreign exchange inflow through the CBN rose by 36.7 per cent to $2.49bn from $1.82bn in January 2022, attributed, mainly, to the 53.0 per cent increase in non-oil components, such as institutional swaps, returned payments, TSA, and Third-party receipts, and other official receipts,” the report noted.

Naija News understands from the data that autonomous inflow also increased by 47.0 per cent to $3.83bn from $2.61bn, due to a rise in invisible purchases (ordinary domiciliary accounts and total Over-the-Counter purchases).

On the other hand, foreign exchange outflow through the CBN declined by 12.0 per cent to $2.29bn, from $2.6bn in January, due, largely, to decreases in foreign exchange sales at the Investors and export, Small and Medium Enterprises intervention and interbank/invisible foreign exchange windows, as well as Third-Party MDA Transfers.

The data revealed also that autonomous outflow increased by 15.4 per cent to $0.88bn from $0.76bn in January, on account of increased invisible imports.

In his remark, the President of, the Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said that the BDCs remained at the centre of economic development and have the capacity to attract needed capital for the development of the Nigerian economy and deepening of the forex market.

“Expanding the dollar receipt points through over 5,000 Bureaux de Change operators can deepen dollar inflows and significantly raise Nigeria’s forex position,” he said.