Dollar inflow into Nigeria rises to $10bn in two months –CBN  

Central Bank of Nigeria (CBN) has announced that Nigeria recorded $10.7 billion aggregate foreign exchange inflow into the economy in April and May 2023.

The CBN disclosed this in its latest economic report on foreign exchange flows, obtained from its website.

According to the report, the economy recorded a higher net foreign exchange inflow in May relative to the preceding month.

“Foreign exchange flow through the economy recorded a net inflow of $3.59bn, compared with $2.02bn in the preceding period.

“Aggregate foreign exchange inflow into the economy increased by 29.1 per cent to $6.03bn, from $4.67billion in the preceding month.

“However, foreign exchange outflow fell by 8.2 per cent to $2.44billion from $2.65billion in the preceding month.”

According to the CBN, foreign exchange inflows through the Bank decreased by 27.9 per cent to $1.70billion, from $2.36billion in April.

Also the report showed that outflow through the Bank fell by 15.2 per cent to $2.03billion, from $2.39billion in April.

The report said: “As such, the CBN recorded a net outflow of $0.33billion, compared with a net outflow of $0.03billion in the preceding month.”

It added that autonomous inflow increased by 87.2 per cent to $4.33billion from $2.31billion in the preceding month.