By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Foreign exchange inflow through the Central Bank of Nigeria (CBN) grew to $13.09 billion in the third quarter (Q3) of 2014, the CBN said in its latest economic report for the Q3 2014.
According to the report, provisional data indicated that $13.09 billion foreign exchange inflow through the apex bank in the review period is an increase of 3.4 percent and 10.4 percent above the levels in the preceding quarter and the corresponding quarter of 2013, respectively.
“The development was due to increase in the non-oil component driven mainly by increases in swaps transactions and inflows through other official receipts respectively,” the CBN noted.
On the contrary, the CBN reported that foreign exchange outflow amounted to $11.80 billion, showing a decline of 7.8 and 6.8 percent below the levels in the preceding quarter and the corresponding quarter of 2013, respectively.
The Q3 2014 economic report of the CBN affirmed that the fall in outflow, relative to the preceding quarter, was attributed to the decline in Retail Dutch Auction System (rDAS) utilisation and other official payments.
The CBN affirmed that the development resulted in a net inflow of $1.29 billion, compared with $0.14 billion and $0.81 billion recorded in the last quarter and the corresponding quarter of 2013, respectively.
The report further affirmed that provisional data on aggregate foreign exchange flows through the economy indicated that total inflow amounted to $44.18 billion, representing an increase of 12.4 and 14.6 percent above the levels in the second quarter of 2014 and the corresponding quarter of 2013, respectively.
Also, the CBN said the development was attributed, largely, to the increase in non-oil receipts through autonomous sources. “Oil sector receipts, which accounted for 22.5 percent of the total, stood at $9.95 billion, compared with the $11.21 billion and $9.52 billion recorded in the second quarter of 2014 and the corresponding quarter of 2013, respectively,” the report added.
It disclosed that non-oil public sector inflow, at $3.14 billion (7.1 percent of the total) rose by 115.1 and 34.2 percent above the levels in the previous quarter and the corresponding quarter of 2013, respectively.
Further, the report said that autonomous inflow, which accounted for 70.4 percent of the total, rose by 16.9 percent above the level in the second quarter of 2014.
“At $12.33 billion, aggregate foreign exchange outflow from the economy, declined by 5.7 and 7.7 percent below the levels in the preceding quarter and the corresponding quarter of 2013, respectively,” the CBN noted.
It said the decline, relative to the previous quarter, was accounted for, mainly, by reduction in Bureaux de Change (BDC) sales.
The reported revealed that overall, a net inflow of $31.86 billion was recorded in the second quarter of 2014, compared with $26.24 billion and $25.21 billion in the preceding quarter and the corresponding quarter of 2013, respectively.
