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Foreign exchange inflow into Nigeria jumps  to $23.60bn

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The foreign exchange inflow into Nigeria in the fourth quarter of 2020 rose to $23.60bn from $21.46bn in the third quarter.

Techeconomy.ng obtained this figure from a report released by the Central Bank of Nigeria (CBN) on Tuesday, March 16.

The CBN, in the report, explained that there was an increase in the foreign exchange flows through the economy in the review quarter compared with the preceding quarter due to the reopening of most economies including Nigeria, the second wave of COVID-19 hampered a return to the levels experienced in the corresponding quarter of 2019.

The report read: “Consequently, aggregate foreign exchange inflow in the fourth quarter of 2020 was $23.6bn, compared with $21.46bn and $36.32bn in the third quarter of 2020 and corresponding quarter of 2019, respectively.

This medium can report that the report indicated an increase of 10.0 percent over the previous quarter, but a decline of 35 percent below the level in the corresponding quarter.

The report maintained that the foreign exchange outflow through the economy rose by 13.1 percent above the third quarter of 2020 to $8.38bn in the review period but declined by 51.5 percent below the level in the corresponding quarter of 2019.

The foreign exchange flow through the economy, accordingly, resulted in a net inflow of $15.22bn in Q4, 2020, compared with the net inflow of $14.05bn and $19.05bn in the preceding quarter and corresponding quarter of 2019 respectively.

 

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  1. Pingback: Foreign exchange inflow into Nigeria jumps  to $23.60bn - 9jaheadies

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