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.