By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s foreign exchange (FOREX) inflow through its central bank for November 2013 fell by 1.6 percent (1.6%) compared to the previous month, the economic report November 2013 released by the central bank of Nigeria (CBN) said.
The report said forex inflow and outflow in the month of November 2013 were $3,125.45 million and $3,837.84 million respectively, resulting in a net outflow of $712.39 million, compared with net outflow of $2.44 million recorded in October 2013.
The CBN said relative to the level in the preceding month and the corresponding period of 2012, inflow fell by 1.6% and 26.8% respectively.
The development Nigeria’s central bank said was accounted for by the decrease in receipts from crude oil sales.
In terms of outflow in the review period, the CBN reported that forex outflow through it rose by 20.8% above the level in the previous month, but fell by 1.1% below the level in the corresponding period of 2012.
According to the report, the development relative to the past month was attributed mainly to the increased funding of the retail dutch auction system (Rdas) and other official payments during the review month.
The economic report November 2013 said a breakdown of total foreign exchange utilisation showed that rDAS sales accounted for $2,796.47 million (83.8%); bureau de change (BDC) sales, $522.70 million (15.7%); and wholesale dutch auction system (Wdas).
The report affirmed that forward disbursement at maturity, $16.47 million provisional data on aggregate foreign exchange flows through the economy indicated that total inflow was $11.44 billion. ‘’This represented an increase of 2.1% and 11.7% above the levels in the month of October 2013, and the corresponding month of 2012, respectively,’’ the CBN said.
The November 2013 economic report further affirmed that the increase in inflows, relative to past month was driven mainly by the rise in autonomous inflow from autonomous sources, particularly the non-oil exports.
With this, the CBN said inflow through it accounted for 27.4% of the total, while inflow from autonomous sources accounted for the balance of 72.6%.
Also, the report said at $2.73 billion, oil sector receipts fell by 0.4% below the level in the past month and accounted for 23.9% of the total inflow. ‘’On a month–on–month basis, non-oil public sector inflow, at $399.38 million, fell by 13.0% and accounted for 3.5% of the total inflow, while autonomous inflow, at $8.31 billion, rose by 3.6% and accounted for 72.6% of the total,’’ the report said.
While at $3.88 billion, aggregate foreign exchange outflow from the economy rose by 19.8% above the level in the preceding month. ‘’Thus, foreign exchange flows through the economy resulted in a net inflow of $7.56 billion in the review month, compared with $7.96 billion and $6.32 billion in the preceding month and the corresponding month of 2012, respectively,’’ the economic report November 2013 of the CBN said.
This reflected, largely, the decline in receipts from invisibles through autonomous sources during the review period.
