Net foreign exchange inflow falls to $8.44bn in 2018


Foreign exchange flows through the economy resulted in a net inflow of $12.10bn at the last quarter of 2018, compared with $$20.54bn in the corresponding period of 2017.



This translated to a fall of $8.44bn in the period under review.



According to the fourth quarter report on foreign exchange flow by the Central Bank of Nigeria, favourable international price and increased domestic production of crude oil, however, strengthened the external sector in the fourth quarter of 2018.



This led to aggregate foreign exchange inflow through the CBN of $14.51bn at the end of 2018, an indication of 12.3 per cent and 1.3 per cent increase over the levels in the preceding quarter and the corresponding period of 2017, respectively.



The increase reflected the rise in both oil and non-oil receipts, including proceeds from government debts, Treasury Single Accounts, third party receipts, interest on reserves and investments, unutilised funds from foreign exchange transactions, unutilised International Money Transfer Operators funds and other official receipts.



Aggregate outflow through the CBN fell to $14.60bn from $16.94bn in the fourth quarter of 2018, but increased above the $8.38bn recorded in the corresponding period of 2017.



The decline in outflow, relative to the preceding quarter, reflected the fall in inter-bank utilisation, external debt service, forex special payment and SDR charges.



Overall, a net outflow of $0.09bn was recorded through the bank, compared with $4.02bn in the preceding quarter and a net inflow of $5.94bn in the corresponding period of 2017, respectively.



Aggregate foreign exchange inflow into the economy amounted to $27.64bn at the end of 2018, indicating an increase of 2.8 per cent and 7.1 per cent above the levels in the preceding quarter and the corresponding period of 2017, respectively.



The development was as a result of the 12.3 per cent increase in inflow through the CBN.



Oil sector receipts, which accounted for $3.02bn, indicated a decrease of 14.5 per cent below the level at the end of preceding quarter but an increase of 9.2 per cent above the level at the end of the corresponding period of 2017.



Non-oil public sector inflow, at $11.49bn (41.6 per cent of the total), rose by 22.5 per cent above the level at the end of the third quarter of 2018, but declined by 0.6 per cent, below the level in the corresponding period of 2017.



Autonomous inflow at $13.13bn fell by 6.1 per cent and 14.8 per cent below the levels at the end of the preceding quarter and the corresponding period of 2017, respectively.



Inflow from autonomous sources accounted for 47.5 per cent of the total.



At $15.54bn, aggregate foreign exchange outflow from the economy fell by 12.7 per cent below the level in the preceding quarter, but was 69.0 per cent higher than the level in the corresponding period of 2017.



The bank said, “The development, relative to the preceding quarter, was driven mainly by 13.8 per cent decline in outflow through the CBN.



“Foreign exchange flows through the economy resulted in a net inflow of $12.10bn at last quarter of 2018, compared with $9.09bn and $20.54bn in the preceding quarter and the corresponding period of 2017, respectively.”



Foreign exchange inflow through the CBN in the fourth quarter of 2018 rose by 12.3 per cent, while outflow fell by 13.8 per cent, relative to the levels in the third quarter of 2018.



Total non-oil export proceeds received through banks rose by 22.5 per cent above the level at the end of September 2018.



The average exchange rate at the investors’ and exporters’ window, the Bureau de Change and the inter-bank segment of the foreign exchange market were N364.27/$, N362.52/$ and N306.70/$, respectively, in the review quarter.
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