Net foreign exchange inflows reached $ 2.77 billion in July, according to CBN

Net foreign currency inflows into the Nigerian economy edged up to $ 2.77 billion in July from $ 2.27 billion in June, the Central Bank of Nigeria said in its currency flow report.

He said that despite the contraction in autonomous inflows, the upward trajectory of crude oil prices improved foreign currency inflows through the bank, resulting in an overall net inflow in July.

The report states, “Total foreign currency inflows into the economy declined 7.4% and 8.7% to $ 6.1 billion, from the level in June 2021 and July 2020, respectively.

“The decline mainly reflects the contraction in inflows via autonomous sources, which fell 33.3% to $ 2.79 billion in July 2021.

“However, foreign currency inflows by the bank rose 37.7% to $ 3.31 billion in July 2021, as oil-related inflows increased due to the upward trajectory of oil prices.”

The CBN said foreign currency outflows into the economy fell 23.0% to $ 3.33 billion in July.

He said: “The decrease in outflows is mainly due to a decrease in the bank’s intervention in the foreign exchange market and a decrease in direct payments, which has reduced outflows through the bank.

“However, outflows via stand-alone sources increased 12.4% to $ 0.67 billion in July 2021, mainly due to a 13.2% increase in payments for invisible imports.

“Overall, currency flows resulted in an increase in net inflows of $ 2.77 billion in July 2021, up from $ 2.27 billion in June 2021.”

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