Forex inflow drops by $3bn in three months – Report

Forex inflow drops by $3bn in three months – Report

Net foreign exchange inflow into the economy fell by $2.6bn in the fourth quarter of 2022, according to the latest figure from the Central Bank of Nigeria.

The banking regulator disclosed this in its fourth-quarter economic report.

It stated, “Net foreign exchange inflow to the economy stood at $5.78bn in 2022,Q4, compared with $7.29bn in the preceding quarter.

“Foreign exchange inflow into the economy decreased by 15.1 per cent to $14.62bn, from $17.22bn in the preceding quarter.

“The development was driven by the 14.7 per cent and 15.4 per cent decreased inflow through the CBN and the autonomous sources, respectively.”

It said the foreign exchange inflow through the bank at $6.21bn, fell below the $7.28bn in the preceding quarter.

Foreign exchange inflow through autonomous sources decreased to $8.41bn, from $9.94bn in the preceding period.

Similarly, foreign exchange outflow from the economy decreased by 10.9 per cent to $8.85bn, relative to the level in the third quarter.

Outflow through the bank at $7.51bn, decreased by 12.1 per cent, from $8.54bn.

Autonomous outflow also fell by 3.6 per cent to $1.34bn, from $1.39bn in the preceding quarter.

Consequently, the economy recorded a net foreign exchange inflow of $5.78bn in 2022, Q4, from $7.29bn in 2022, Q3.

Similarly, autonomous sources recorded a net inflow of $7.08bn, from $8.55bn in 2022Q3.

However, a net outflow of $1.30bn was recorded through the Bank, compared to a net outflow of $1.26bn in 2022, Q3.

In the period under review, it added, the average turnover at the I & E segment increased by 11.7 per cent to $0.12bn, relative to the level in 2022,Q3, reflecting improved liquidity in the segment.

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