Nigeria attracted $30.45bn forex in Q4, CBN report shows

Economic report by the Central Bank of Nigeria (CBN) on the fourth quarter of 2017 has revealed that Nigeria’s economy attracted a total foreign exchange inflow of $30.45 billion between October and December 2017.

With $30.45 billion as inflow from foreign exchange during the months under review, it means that Nigeria’s economy had an increase of 14.5 per cent over what was recorded in the third quarter of 2017.

The development according to the CBN is due to the increase in foreign exchange inflow to 22.7 per cent and 7.7 per cent rise in inflow through the CBN and autonomous sources, respectively.

Giving example, the CBN report explained that the oil sector receipts, which accounted for 10.6 per cent of the total foreign exchange inflow, were $3.23 billion in the last three months of 2017, compared with $3.17 billion and $1.97 billion in the third quarter of 2017 and the corresponding period of 2016, respectively.

The non-oil public sector inflow, the report said was $11.48 billion, representing 7.7 per cent of the total inflow, while the non-oil foreign exchange inflow recorded $11.48 billion, which is 30.3 per cent rise above the level at the end of the third quarter of 2017.

It also put autonomous inflow at $15.74 billion, which is an increase of 7.7 per cent above the figure recoded at the third quarter; adding that inflow from autonomous sources, accounted for 51.7 per cent of the total foreign exchange receipts.

On outflow, the report said that the restrictive policies of the CBN led to a decline of 9.6 per cent in outflow to $9.19 billion.

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“At $9.19 billion, aggregate foreign exchange outflow from the economy fell by 9.6 per cent below the level in the preceding quarter, but represented 69.9 per cent increase over the level in the corresponding period of 2016.

“The development, relative to the preceding quarter, was driven by 10.3 per cent and 2.0 per cent decline in outflow through the CBN and autonomous sources, respectively.

“Thus, foreign exchange flows through the economy resulted in a net inflow of $21.26bn in the review quarter, compared with $16.42bn and $10.88bn in the third quarter of 2017 and the corresponding period of 2016, respectively,” it added.

 

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