The Central Bank of Nigeria (CBN) has revealed that Nigeria recorded a total of $10.7 billion in foreign exchange inflows into the country from April to May.
The CBN made this known in its May economic report that it released last week on the country's foreign exchange flows.
The report shows that the Nigerian economy witnessed an increase in its net foreign exchange in May relative to the preceding month.
The report partly reads,
- Foreign exchange flows through the economy recorded a net inflow of $3.59 billion, compared with $2.02 billion in the preceding period.
- Aggregate foreign exchange inflow into the economy increased by 29.1% to $6.03 billion from $4.67 billion in the preceding month. However, foreign exchange outflow fell by 8.2% to $2.44 billion from $2.65 billion in the preceding month.
“As such, the CBN recorded a net outflow of $0.33 billion, compared with a net outflow of $0.03 billion in the preceding month,” the report added.
The report also showed that autonomous inflow rose by 87.2% to $4.33 billion, far from the $2.31 billion in the preceding month, while autonomous outflow rose to $0.41 billion from $0.26 billion in April. Aside from that, a net inflow of $3.92 billion was recorded, compared with $2.05 billion in April.
Read more: https://www.investingport.com/foreign-exchange-inflows-reach-107-billion-in-just-2-months/