Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,206,751 members, 7,996,679 topics. Date: Thursday, 07 November 2024 at 01:41 PM

Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs (6530 Views)

Pastor Sunday Edino Arrested With Looted Medical Equipment Worth N1.2bn In Kogi / Fashola Says Abuja-Algiers Road To Be Completed In 3yrs / Border Closure: Hameed Ali Reveals How Customs Made N9.2bn In Just One Day (2) (3) (4)

(1) (2) (Reply) (Go Down)

Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by iwaeda: 9:00am On Jul 15, 2022
Net foreign exchange (forex) inflow into the economy fell by 56 per cent to $3.2 million in February 2022 from $7.2 billion in February 2020.

Vanguard analysis of data from the Central Bank of Nigeria, CBN, monthly Economic Report for the period under review showed that year-on-year (YoY), net forex inflow stood at $7.19 billion in February 2020 from where it fell by 40 per cent to $4.3 billion in February 2021 and down by 26.5 per cent to $3.16 billion in February 2022.

The steady decline in net forex inflow was occasioned by a 53 per cent decline in forex inflow during the three year period, reflecting the severe impacts of COVID-19 pandemic and the ongoing Russia war in Ukraine. This cancelled the positive effect of the 54 per cent decline in forex outflow during the period. 

According to the data, total forex inflow dropped by 43 per cent to $6.3 billion in February 2022 from $7.5 billion. In 2021, forex inflow dropped by 44 per from  $13.39 billion in February 2020.

Though total forex outflow through the economy rose marginally by 1.3 per cent to $3.17 billion in February 2022 from $3.13 billion, it fell by 54 per cent from $6.9 billion in February 2020.

However, further analysis showed that net inflow through the CBN rose by 255.6 per cent to $200 million in February 2022 from -$128.52 million in February 2020.

On YoY basis, net inflow through the CBN stood at -$128.52 million in February 2020 and down by 844 per cent to -$957.24 million in February 2021 but  rose by 120.8 per cent to $200 million February 2022.

Forex inflow through the CBN fell by 55 per cent to $2.49 billion in February 2022 from $5.59 billion in February 2020.

On the other hand, forex outflow through the apex bank fell by 59 per cent to $2.29 billion in February 2022 from $5.7 billion in February 2020.

https://www.vanguardngr.com/2022/07/net-foreign-exchange-inflow-falls-56-to-3-2bn-in-3yrs/

1 Like 1 Share

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by iwaeda: 9:04am On Jul 15, 2022
Buhari destroyed everything grin grin grin grin

27 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by floss(m): 9:39am On Jul 15, 2022
.
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by MrFixIt007: 9:39am On Jul 15, 2022
It is well. Things won't remain this way for long. The Dawn of The New Era Is Upon Us!

6 Likes 1 Share

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by onuman: 9:39am On Jul 15, 2022
But maggots with voters card still think of voting APC to rule over all of us.
Which group shall control proceeds from crude oil and gas deposits in the Niger delta region, that's the consideration in choosing who presides over Nigeria, NOT who will creat wealth for all in Nigeria.

17 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by wittywriter: 9:39am On Jul 15, 2022
Interesting read...

@wittywriter
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Dshocker(m): 9:40am On Jul 15, 2022
Tinubu and his APC have said they will make N1 equal to $1

What he actually meant was that; If Tinubu wins eventually, a $1 will be equivalent to N1000

28 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by crestedaguiyi: 9:40am On Jul 15, 2022
It will drop further , brace yourself.


Vanguard should learn to proof read their news before publishing.

The first paragraph contradicts the others.

Fell to 3.2 billion not 3.2million as stated in the first paragraph

7 Likes 1 Share

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Proudlyomonna: 9:40am On Jul 15, 2022
Na WA
Apc really show us shege.
And some people who say their brain is intact are still campaigning for such a clueless party.
Those men had zero agenda to develop the country,all they about is winning elections.
Apc must be crushed now.

5 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by inoki247: 9:41am On Jul 15, 2022
He go fall wey people don dey use Cryptoo send money home..

And Inflation sef dey fire people outside na wu don survive dey send money home....

2 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by posty56: 9:41am On Jul 15, 2022
sai baba to infinity
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by efjaydee(m): 9:41am On Jul 15, 2022
Omó shocked

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by GoodTinubu1: 9:41am On Jul 15, 2022
crysee
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by seanwilliam(m): 9:41am On Jul 15, 2022
Buhari. Thank you o
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Maxymilliano(m): 9:42am On Jul 15, 2022
Net foreign exchange (forex) inflow into the economy fell by 56 per cent to $3.2 million in February 2022 from $7.2 billion in February 2020.
So long as Buhari remain the President, nothing good can come out of Nigeria

3 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Badgers14: 9:42am On Jul 15, 2022
The kind kata kata wey full country nah, inflation , insecurity, prices of materials almost tripled.. it is just hard to be an investor in 9ja now..

But anyways...

1 Like

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by goldtube(m): 9:42am On Jul 15, 2022
grin
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by ken6488(m): 9:43am On Jul 15, 2022
Sri Lanka

1 Like

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Obidient4life2: 9:43am On Jul 15, 2022
Yet some irredeemable fools like the vulture griller are supporting another disaster to continue piloting the affairs of this country.

3 Likes 1 Share

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by admax(m): 9:44am On Jul 15, 2022
What Buhari can not destroy doesn't exist!

7 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Splitmind: 9:44am On Jul 15, 2022
How is this news?
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by oyeb15: 9:45am On Jul 15, 2022
FG should disburse NExit loans now.
You don't empower the youths/graduates and you want them to support you.

One person out of these 500,000 npower NExit graduates will have at least 8-10 family members. If he set up a business, the people will feel the impact of government.

You are just wasting money on media houses, advertisements when there is nothing on ground.

If you convince peoples brain,their stomach will query them and your 10k is meaningless right now.
Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Harmlesspill(m): 9:46am On Jul 15, 2022
You are a student in nigeria and in one way or another you are campaigning for apc or pdp. Read again...Your brain really needs to be checked properly ASAP

6 Likes 1 Share

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by franchasofficia: 9:46am On Jul 15, 2022
God forbid BAT thing shocked



Nigerians, please let affliction to rise a second time. Tinubu must be forbidden at all cost.


Haven't you all noticed that no more construction or repair works is going on in Lagos ever since BAT won APC ticket ? Its because he has collected Lagos purse from Sanwo-Olu to be emptied for his desperate ambition.

3 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Buhari4dullard: 9:46am On Jul 15, 2022
The last person to say N1 to $1 got us into this mess.

Now one drug baron has repeated the same N1 to $1, they really want to finish us truly.

3 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by Tajbol4splend(m): 9:47am On Jul 15, 2022
Buhari e no go better for you

4 Likes

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by anonimi: 9:47am On Jul 15, 2022
MrFixIt007:
It is well. Things won't remain this way for long. The Dawn of The New Era Is Upon Us!

With Thiefnuibu's Emilokan continuity

4 Likes 1 Share

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by anonimi: 9:47am On Jul 15, 2022
Tajbol4splend:
Buhari e no go better for you

Please how will this curse alone stop Thiefnuibu continuing the wrecking that Bubu has done for the past seven years

3 Likes

(1) (2) (Reply)

FG Reopens 3rd Mainland Bridge Today / Terrorism Financing: Police To Question Ajaero On September 25 / Why Do Africans Love Killing Each Other?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.