The nation’s net foreign exchange inflow has surged to 77 per cent at $6.31 billion in July from $3.55 billion in June.
This indicates a reversal from the negative trend recorded between January and June, 2021.
The breakdown of the data released by the Central Bank of Nigeria on the external sector for the month of July, 2021 showed that the current trend was due to increase in inflow against outflow.
Inflow increased by 48.2 per cent while outflow increased by 3.3 per cent, thus yielding a massive net inflow.
“The foreign exchange inflow to the economy increased due to improved inflow through the Apex bank.
“Aggregate foreign exchange inflow into the economy increased by 48.2 per cent to $9.85 billion in August, relative to the $6.98 billion in July. The increase reflected higher inflow through the CBN due to the additional SDR allocation of $3.34 billion from the International Monetary Fund.
“The 20.7 per cent rise in autonomous inflow also contributed to the increase in aggregate inflow in August, driven, majorly, by increased invisible purchases.
“Foreign exchange outflow through the economy increased by 3.3 per cent to 3.54 billion in August, due, mainly, to the 8.8 per cent rise in the outflow through the bank on account of increased interbank sales and Swap transactions.
“Autonomous outflow dropped by 15.6 per cent to $0.65 billion in August, compared with $0.77 billion in the preceding month due to a decline in both visible and invisible imports.
“Consequently, the economy recorded a net inflow of $6.31 billion in August, compared with $3.55 billion in the preceding month. A higher net inflow of $2.54 billion was recorded through the bank, compared with $0.66 billion in July,” the CBN report read.
