- Inflow of foreign exchange into Nigeria fell by N678bn ($3.39bn) between January and June this year, findings from various quarterly reports of the Central Bank of Nigeria have shown.
- Although the fall in forex during the period was largely attributed to the significant drop in crude oil receipts, analysts stated that the economic landscape in Nigeria, particularly in the past three months, had not helped matters.
- The latest report of the CBN for the second quarter of 2015 shows that forex inflows stood at $6,97bn, indicating a decline of $3.39bn or N678bn when calculated on N200 to a dollar.
- In its report for the first quarter of 2015,the CBN stated that “Provisional data indicated that foreign exchange inflows through the CBN in the first quarter of 2015 amounted to $7.51bn, representing a decline of 29.4 and 26.5 per cent below the levels in the preceding quarter and the corresponding period of 2014, respectively.
“The development was due to the fall in both its oil and non-oil components. Foreign exchange outflow amounted to $12.35bn, showing a decline of 15 and 21.3 per cent below the levels in the preceding quarter and the corresponding period of 2014, respectively.”
