Photo Credit: This Nigeria

Net Forex Inflow Falls 30% To $2.69bn

Report by the Central Bank of Nigeria has shown that Nigeria’s Net foreign exchange inflow fell year-on-year (YoY)  by 30 percent to $2.69 billion in October 2021.

This was a decrease from $3.87 billion in the corresponding period of 2020.

The latest Monthly Economic Outlook by the bank indicated that the decline in net inflow was driven by a massive rise in forex outflow during the period.

According to the apex bank,  forex inflow rose YoY by 8.1  percent  YoY to $7 billion during the month 2021, while outflow rose YoY by 53 per cent to $4 billion in October 2021  from $2.6 billion in 2020.

The report stated: “Foreign exchange flow through the economy dwindled in October. Aggregate foreign exchange inflow into the economy was $7 billion, in October 2021, compared with $13.38 billion in September 2021.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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