Tags : Foreign Exchange

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 […]Read More

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. […]Read More

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. […]Read More

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 […]Read More

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. […]Read More

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. […]Read More

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 […]Read More

Net Forex Inflow Rose To $2.77bn In July

The Central Bank of Nigeria said in its report on forex flows the net foreign exchange inflow into the Nigerian economy rose slightly to $2.77bn in July from $2.27bn in June. Despite the contraction in autonomous inflow, the apex bank added that  the upward trajectory in crude oil prices improved forex inflow through the bank, […]Read More

Fuel Imports Gulp $690m In Eight Months

Latest data from the Central Bank of Nigeria has shown that the foreign exchange used for fuel imports from January to August in 2021 fell by 34.79 percent from $930.31m in the same period of 2020. This development is coming despite the idleness of the refineries to produce fuel and forex scarcity in the country […]Read More

Foreign Exchange Inflow Drops To $4.97bn

Figures obtained from the Central Bank of Nigeria has shown that the foreign exchange inflow into the economy fell by 59.8 percent in April. This is according to the bank’s monthly report on ‘Foreign exchange flows through the economy’. Part of the report read, ‘Aggregate foreign exchange inflow into the economy declined sharply, reflecting tepid […]Read More