Food Import Value Drops by 48%, Says CBN
CBN GOVERNOR
The value of foreign exchange utilisation for food importation into the country dropped in Januar, the Central Bank of Nigeria (CBN) has said.
In a report titled ‘Sectoral Utilisation of Foreign Exchange’, the CBN said the sum of $160 million was used from the country’s foreign exchange in importing food in the month of January as against $310million spend in December 2020.
The report also said the sum of $2.75 billion forex was spent in all the sectors, showing a decrease of 40.3 percent compared to what it was in December.
Part of the report reads: “Total foreign exchange utilisation by sectors decreased by 40.3 percent from the preceding month to $2.75bn, reflecting a drop in end-user demand for foreign exchange, owing to year-end ease in economic activities,” the report said.
“Visible and invisible imports, constituting 46.9 percent and 53.1 percent of the total foreign exchange utilisation declined by 53.4 per cent and 20.7 percent to $0.77bn and $0.87bn respectively.
“A disaggregation of foreign exchange utilisation for visible transactions showed that the amount utilised for industrial, manufactured products, and food products sub-sectors amounted to $0.30bn, $0.23bn, and $0.16bn respectively, relative to $0.72bn, $0.38bn, and $0.31bn in the preceding month”.
In a report titled ‘Sectoral Utilisation of Foreign Exchange’, the CBN said the sum of $160 million was used from the country’s foreign exchange in importing food in the month of January as against $310million spend in December 2020.
The report also said the sum of $2.75 billion forex was spent in all the sectors, showing a decrease of 40.3 percent compared to what it was in December.
Part of the report reads: “Total foreign exchange utilisation by sectors decreased by 40.3 percent from the preceding month to $2.75bn, reflecting a drop in end-user demand for foreign exchange, owing to year-end ease in economic activities,” the report said.
“Visible and invisible imports, constituting 46.9 percent and 53.1 percent of the total foreign exchange utilisation declined by 53.4 per cent and 20.7 percent to $0.77bn and $0.87bn respectively.
“A disaggregation of foreign exchange utilisation for visible transactions showed that the amount utilised for industrial, manufactured products, and food products sub-sectors amounted to $0.30bn, $0.23bn, and $0.16bn respectively, relative to $0.72bn, $0.38bn, and $0.31bn in the preceding month”.
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