By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) Tuesday said Foreign Exchange (FOREX) Inflow and outflow in the country April 2013 was US$3.24 billion and US$3.32 billion respectively.

Latest figures released by the CBN in its 2013 April Economic Report showed that the US$3.24 billion Inflow and US$3.32 billion Outflow respectively resulted in a Net outflow of US$0.08 billion.

According to the report, FOREX sales by the CBN to the authorised dealers amounted to US$2.54 billion, indicating an increase of 12.7 percent (12.7%) above the level in the preceding month.

“Relative to the levels in the preceding month and the corresponding period of 2012, inflow fell by 1.9% and 0.1%, respectively. The decrease in inflow during the review period was attributed largely to the 70.0% fall in the other official receipts,” the CBN report said.

The report affirmed that FOREX outflow rose by 24.2% and 89.2% above the levels in the preceding month and the corresponding period of 2012, respectively.

“The development relative to the preceding month was attributed, largely to the increase in National Priority Project, other official payment and wDAS utilisation. Other official payments, at US$0.42 billion, rose by 30.7% above the level in the preceding month, driven largely by the increase in NNPC/JV cash calls and International Organisations and Embassies payments,” the CBN said.

Also, the Nigeria’s apex bank further affirmed that provisional data on aggregate FOREX flows through the economy indicated that total inflow was US$11.04 billion, representing an increase of 0.3% and 16.1% over the levels in the preceding month and corresponding period of 2012, respectively.

Nigeria’s Central Bank says observed increase in inflow above the level in the preceding month was attributed the increase in capital importations and crude oil receipts. “Inflow through the Central Bank of Nigeria (CBN) accounted for 29.3% of the total, while that from autonomous sources accounted for the balance of 70.7%,” the CBN affirmed.

The CBN said in the review period, at US$3.16 billion, oil sector receipts rose by 2.2% above the level in the preceding month and accounted for 28.7% of the total inflow.

While on a month–on–month basis, non-oil public sector inflow, at $0.07 billion fell by 63.9% and accounted for 0.7% of the total inflow, while autonomous inflow, at $7.80 billion, fell by 1.3%, accounting for 70.7% of the total.

The report said at US$3.35 billion, aggregate FOREX outflow from the economy rose by 23.5% and 76.7% above the levels in the preceding month and the corresponding period of 2012, respectively.

“Thus, foreign exchange flows through the economy resulted in a net inflow of US$7.69 billion in the review month, compared with US$8.29 billion and US$7.61 billion in the preceding month and the corresponding month of 2012, respectively,” the CBN report said.

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