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Net Forex Inflow Falls By 47%
Recent monthly economic reports of the Central Bank of Nigeria have shown that Net foreign exchange, forex, and inflow to the economy fell 47 per cent, year-on-year. This is a drop to $25.05 billion in 10 months to the end of October last year. The decline was driven by a 27 per cent fall in…
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Net Forex Inflow Falls To 54%
Analysis of monthly economic reports of the Central Bank of Nigeria has shown that net foreign exchange inflow to the economy fell 54 per cent, year-on-year, YoY to $15.86 billion in eight months to the end of August. The decline was driven by a 37 per cent fall in forex inflow into the economy which…
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Forex Flows Falls By 36%
Data from the Central Bank of Nigeria has shown that the foreign exchange flows through the economy fell year-on-year (YoY) by 36 per cent to $17.4 billion as of July 2022. The increase was from $27.3 billion in the corresponding period of last year. CBN’s monthly Economic Report for the month showed that aggregate foreign…
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FX Monthly Inflow Falls By 17%
According to figures obtained from the Central Bank of Nigeria, aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42bn in May 2022. The latest figures on foreign exchange flow showed that $5.42bn was recorded in May, down from $6.56bn recorded in April. The report stated, “The economy recorded a net…
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Nigeria’s Reserves Drop To $39.5bn
Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021. According to an analysis from the Central Bank of Nigeria’s by the end of April 2022, Nigeria’s foreign reserves stood at $39.579 billion, having declined by 2.3 per cent since December 2021.…
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In Two Months, CBN Defends Naira With $3.36bn
Figures obtained from the Central Bank of Nigeria’s January monthly report on ‘Foreign Exchange Market Developments’ showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively. This is part of efforts to ensure the stability of the naira. In total CBN injected $3.36bn into the foreign exchange market in two months.…
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Nigeria Spent $1.04bn On Fuel Imports In 2021
According to data obtained from the Central Bank of Nigeria,foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020. Fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate and the…
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CBN Introduces Initiative To Generate $200bn
The Central Bank of Nigeria has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves. The initiative ‘Race to $200 billion in FX Repatriation (RT200FX) Programme’ will stimulate non-oil exports with a $200 billion FX income target in the next three to five years, according to the apex bank.…
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Nigeria’s Foreign Exchange Reserve Losses: What You Should Know
New figures made available by the Central Bank of Nigeria (CBN) has revealed that the West African country’s foreign reserves recorded a $481.4 million decline in January 2022 to close at $40.04 billion, showing a 1.2% fall from the previous month. Data from the CBN show a steady monthly decline from November 2021 till now.…
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Forex Inflow Hits $55.5bn In Seven Months
Data obtained from the Central Bank of Nigeria have shown that the country recorded a foreign exchange inflow of $55.5bn in seven months. The rise in forex inflow was attributed to increased non-oil receipts and proceeds from Eurobonds, among other factors. In its economic reports, the apex bank said the country earned $18.3bn in the…