Monthly foreign exchange inflow rose to $9.84bn –CBN

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Aggregate foreign exchange inflow into the economy amounted to $9.84bn in November 2019, showing an increase of 7.5 per cent above the level at the end of the preceding month.

The Central Bank of Nigeria disclosed in its 2019 November economic report on foreign exchange flows that it however, showed a decrease of 21.1 per cent relative to the level at the end of the corresponding period of 2018.

The increase was as a result of 5.8 per cent and 8.5 per cent rise in inflow through the bank and autonomous sources, respectively.

Aggregate foreign exchange outflow from the economy, at $4.70bn, fell by 12.2 per cent and 21.3 per cent, below the levels in the preceding month and the corresponding period of 2018, respectively.

The development was attributed, mainly, to the 12.9 per cent decline in outflow through the Bank.

Inflow through autonomous sources rose by 8.5 per cent to $6.12bn in November 2019, above the level at end-October 2019.

Outflow from autonomous sources, on month-on-month basis, fell by 3.9 per cent to $0.39bn, reflecting a decline in invisible and visible imports.

According to the CBN, foreign exchange flows through the economy, resulted in a net inflow of $5.14bn in the review period, compared with $3.81bn and $6.51bn at end-October 2019 and end-November 2018, respectively.

The external sector performance improved in the review month, due to increase in the international price of crude oil by 7.5 per cent to $63.56 per barrel.

Consequently, aggregate foreign exchange inflow into the Central Bank of Nigeria, at $3.72bn, rose by 5.8 per cent, above the level in the preceding month.

It, however, showed a decrease of 53.0 per cent below the level at the end of the corresponding period of 2018.

The rise in aggregate foreign exchange inflow, into the CBN, relative to the preceding month’s level, was attributed, largely, to the rise in both oil and non-oil receipts.

It stated that aggregate outflow of foreign exchange from the bank fell by 12.9 per cent and 17.3 per cent to $4.31bn, below the levels at the end of the preceding month and the corresponding period of 2018, respectively.

The development, relative to the preceding month’s level, was attributed, mainly, to 10.4 per cent and 18.4 per cent decline in interbank utilisation and other official payments, respectively.

Overall, foreign exchange flows, through the bank at end-November 2019, resulted in a net outflow of $0.59bn, compared with a net outflow of $1.43bn in the preceeding month.

It, however, recorded a net inflow of $2.71bn, when compared with the level in the corresponding period of 2018.

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