The Central Bank of Nigeria, CBN in its February monthly report disclosed that the nation’s economy recorded a net foreign exchange inflow of $9.35bn {N3.553tr} based on N380/$1.
“Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February 2019, respectively” the report stated.
Also, the external sector performance declined in February to 11.7 percent due to the decline in the international price of crude oil to $58.45 per barrel due to the continuous spread of COVID-19.
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Consequently, the CBN added, aggregate foreign exchange inflow into the economy amounted to $16.19bn, indicating a decrease of 4.4 percent, compared with the preceding month.
It was, however, 61.7 percent higher than that of the corresponding period of 2019.
The development relative to the preceding month reflected the decline of 8.6 percent and 2.5 percent in inflow through the bank and autonomous sources, respectively.
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Aggregate foreign exchange outflow from the economy, at $6.84bn, fell by 1.5 percent, compared with the preceding month.
It was, however, 26.0 percent higher than that of the corresponding period of 2019.
The development was attributed mainly to the 1.7 percent decline in outflow through the bank.
The CBN noted that this led to foreign exchange flows through the economy resulting in a net inflow of $9.35bn, compared with $9.99bn and $4.58bn at the end of January and February, respectively.
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At $4.82bn, aggregate foreign exchange inflow into the CBN fell by 8.6 percent and 7.8 percent, relative to the levels in the preceding month and the corresponding period of 2019, respectively.
The decline in aggregate foreign exchange inflow into the bank, relative to the preceding month’s level, was attributed largely to the fall in both oil and non-oil receipts.
