Nigeria’s challenges with scarcity of forex is becoming systemic as information shows that aggregate foreign exchange inflows into the economy fell by 17.3 per cent to $6.58bn in April.
The Central Bank of Nigeria disclosed this in its April monthly report on foreign exchange flows through the economy.
It stated that, “The economy recorded a lower net foreign exchange inflow of $2.63bn, from $3.53bn in the preceding month. Aggregate foreign exchange inflow into the economy fell by 17.3 per cent to $6.58bn in April 2022, compared with $7.95bn in March.
“Similarly, total foreign exchange outflow decreased by 11.3 per cent to $3.95bn, from $4.45bn in the preceding month.”
The report said further analysis showed that foreign exchange inflows through the bank declined by 25.6 per cent to $2.47bn, from $3.32bn, attributed mainly to 54.3 per cent decrease in non-oil components as a result of inflows of $1.25bn proceeds from government debts in the preceding month, as well as TSA, third-party receipts and other official income.
Autonomous inflows also decreased by 11.4 per cent to $4.11bn from $4.63bn, due to a decline in invisible purchases, which included ordinary domiciliary account ($1.33bn) and non-oil export receipts ($0.49bn).
Foreign exchange outflows through the bank declined by 19.3 per cent to $2.86bn from $3.54bn in March, due, largely, to decreases in foreign exchange sales at the Investors and Exporters window, Small and Medium Enterprises intervention and interbank/invisible foreign exchange windows.
Autonomous outflows increased by 20 per cent to $1.09bn from $0.91bn in March, on account of increased invisible imports.
Consequently, net outflows of $0.39bn were recorded through the bank in April 2022, compared with net outflows of $0.23bn in the previous month.
The CBN Governor, Godwin Emefiele, had, earlier, announced the RT200 FX Programme to boost forex supply in the country through the non-oil sector in the next three to five years.
He explained that the RT200 FX Programme was a set of policies, plans and programmes for non-oil exports that would enable the country to nattain $200bn goal in FX repatriation, exclusively from non-oil exports.