Nigeria’s forex inflow hits $91bn

The Central Bank of Nigeria (CBN), says the aggregate foreign exchange inflow into the country stood at $91 billion in 2017.

The bank disclosed in its 2017 annual report released on Thursday that the figure was an increase of 45 per cent from $62.75 billion in 2016.

The bank also said the figure surpassed the total outflow by $57.32 billion in the period.

According to the bank, inflow through the CBN was $42.17 billion, while inflow through autonomous sources amounted to $48.33 billion.

In percentage terms, inflow through the CBN accounted for 46.3 per cent, while autonomous sources took 53.7 per cent.

Also, aggregate foreign exchange outflow, from the economy, increased by 31.8 per cent to U$33.68 billion, higher than the $25.55 billion in 2016.

The report said the outflow through the CBN accounted for 90.7 per cent, about $30.55 billion. It was $23.16 billion in 2016.

Outflow via autonomous sources was calculated at $3.13 billion

The increase was attribute to the increased intervention by the CBN in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.