Foreign exchange inflow drops to $5.7bn in one month

Foreign exchange inflow drops to $5.7bn in one month

Nigeria recorded $5.7bn foreign exchange inflow into the country in November 2020.

This was a drop from $6.47bn and $7.34bn recorded in October and September respectively.

The Central Bank of Nigeria disclosed this on Wednesday.

It stated that slow global economic recovery and uncertainty in the crude oil market, resulted in lower foreign exchange inflow into the economy.

“Consequently, aggregate foreign exchange inflow into the economy was $5.7bn, a decrease of 13.3 per cent and 62.0 per cent, below the respective levels in the preceding month and the corresponding month of 2019,” it stated.

Also, foreign exchange outflow through the economy fell by 24.6 per cent and 66.6 per cent to $1.96bn, below the levels of $2.6bn and $5.87bn respectively, in the preceding month and the corresponding period of 2019.

Consequently, it added, the foreign exchange transactions through the economy resulted in a net inflow of $3.73bn, compared with $3.97bn and $9.11bn in the preceding month and the corresponding month of 2019 respectively.

Source: Punch

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