Decline in forex outflow drives up net inflow to $4.46bn
Net foreign exchange inflow into the economy rose by 18.6 per cent month-on-month to $4.46 billion in April 2024 from $3.83 billion in March, 2024.
The increase was driven by 63.33 per cent decline in forex outflow which compensated for a 30.23 per cent decline in forex inflow into the economy.
The CBN disclosed this in its monthly economic report for April 2024, which also revealed sharp decline in forex inflow and outflow through the apex bank.
The CBN said: “Foreign exchange flows through the economy recorded a net inflow of US$4.46 billion, relative to US$3.83 billion in March 2024.
“Aggregate foreign exchange inflow into the economy decreased by 30.23 per cent to $6.44 billion from $9.23 billion in the preceding month.
“Similarly, the foreign exchange outflow decreased by 63.33 per cent to $1.98 billion, from $5.40 billion in the preceding month.
“Foreign exchange inflow through the CBN declined by 38.53 per cent to $2.09 billion from US$3.40 billion in the preceding month. Outflow through the Bank, fell by 71.94 per cent to $1.40 billion from US$4.99 billion in the preceding month.
“Autonomous inflow declined by 25.39 per cent to US$4.35 billion from $5.83 billion in the previous month. Outflows through autonomous channels, however, increased by 41.46 per cent to $0.58 billion from $0.41 billion in March 2024.
“A net inflow of $3.77 billion was recorded through autonomous sources, compared with $5.42 billion in March 2024. The CBN recorded a net inflow of $0.69 billion, compared with net outflow of $1.59 billion in the preceding month.”
