By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) Thursday reported an 85.9 percent (85.9%) foreign exchange (forex) inflow in July 2013.
Economic report for July 2013 by the CBN said forex inflow and outflow through the apex bank in July 2013 were US$5.78 billion and US$4.89 billion, respectively, and resulted in a net inflow of US$0.89 billion.
The report affirmed that forex sales by the CBN to the authorised dealers amounted to US$3.99 billion, showing a decline of 22.1% below the level in the June 2013.
According to the CBN, relative to the level in the month of June 2013, the average Naira exchange rate vis-à-vis the US dollar depreciated marginally to N157.32/US$ at the wDAS segment of the market. “Similarly, it depreciated at the bureau-de-change and interbank segments of the market,†the CBN report said.
The CBN said the net inflow of US$0.89 billion compared to the net outflow of
US$2.8 billion relative to the levels in the month of June and the corresponding period of 2012, inflow rose by 85.9% and 39.8%, respectively.
Report said the increase in inflow, relative to the month of June, was attributed largely to the 39.8% and 2,129.6% increase in crude oil receipts and non-oil components, respectively.
On its part, foreign exchange outflow through the CBN fell by 17.1% below its level in the preceding month, but rose by 62.7% above the level in the corresponding period of 2012.
“The decline in outflow relative to the preceding month was attributed, largely, to the 32.6% decline in wDAS utilisation. Other official payments, at US$0.42 billion, fell by 38.7% below the level in the preceding month, driven largely by the fall in NNPC/JV cash calls payments,†the CBN economic report for July 2013 said.
The report further affirmed that provisional data on aggregate foreign exchange flows through the economy indicated that total inflow was US$16.17 billion, representing an increase of 28.2% and 62.1% over the levels in the month of June and the same period of 2012 respectively.
According to the CBN, the observed increase in inflow above the level in the preceding month was attributed to the 39.9%, 2%, 129.6% and 9.3% rise in receipts from oil, non-oil and autonomous inflows respectively.
The report said that inflow through the CBN and autonomous sources accounted for 35.7% and 64.3% of the total respectively.
“At US$4.3 billion, oil sector receipts rose by 43.3% above the level in the preceding month and accounted for 26.5% of the total inflow. On a month–on–month basis, non-oil public sector inflow, at $1.5 billion rose by 2%,129.5% and accounted for 9.3% of the total inflow, while autonomous inflow, at $10.4 billion, rose by 9.3%, accounting for 64.2% of the total,†the CBN report said.
Also, at US$4.94 billion, aggregate foreign exchange outflow from the economy declined by 16.7% below the level in the preceding month, but rose by 55.0% above the level in the corresponding period of 2012.
“Thus, foreign exchange flows through the economy resulted in a net inflow of US$11.87 billion in the review month, compared with US$6.69 billion and US$6.79 billion in the preceding month and the corresponding month of 2012, respectively,†the CBN said.
