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.
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 Internat ional Money Transfer Operators funds and other official receipts.
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.”