Home Business Aggregate Outflow of Foreign Exchange Fell by 6.7% – CBN

Aggregate Outflow of Foreign Exchange Fell by 6.7% – CBN

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The Central Bank of Nigeria (CBN) has said aggregate outflow of foreign exchange fell by 6.7 per cent below the level at the end of March to $4.90 billion in April 2019.

The economic report by CBN for April said the aggregate outflow of foreign exchange from bank however, indicated 42.5 per cent increase over the level at the end of the corresponding period of 2018.

The apex bank said, “The development, relative to end-April 2019, reflected, mainly, the 13.2 per cent decline in Interbank Utilisation.”

According to report by CBN, the overall, foreign exchange flows through the Bank in the month of April 2019 resulted in a net inflow of $0.35 billion, compared with $2.51 billion and $0.80 billion in the preceding month and the corresponding period of 2018, respectively.

The report said, “Aggregate foreign exchange inflow into the economy amounted to $14.45 billion, showing a decline of 20.1 per cent and 4.4 per cent, below the level at the end of the preceding month, but contrasted with the growth of 36.8 per cent over the level in the corresponding period of 2018.

“The fall was as a result of 32.4 per cent and 11.0 per cent decline in inflow through the Bank and autonomous sources, respectively.

“Aggregate foreign exchange outflow from the economy, at $5.14 billion, fell by 9.9 per cent, below the level at the end of the preceding month, but contrasted with the growth of 40.4 per cent, above the level in the corresponding period of 2018. This was attributed, mainly, to the 6.7 per cent and 46.4 per cent decline in outflow through the Bank and autonomous sources, respectively.

“Inflow through autonomous sources, dropped by 11.0 per cent to US$9.21 billion in April 2019, compared with the level at end-March 2019. Outflow from autonomous sources, on month-on-month basis, fell by 46.4 per cent to $0.24 billion, reflecting the decrease in both invisible and visible imports.

“Thus, foreign exchange flows through the economy, resulted in a net inflow of US$9.31 billion in the review period, compared with $12.39 billion and $6.90 billion at end-March 2019 and end-April 2018, respectively,” the report added.

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