FG’s Foreign Inflow Stood at $9.35bn in the Month of February

The Central Bank of Nigeria (CBN) said the nation’s foreign exchange inflows stood at $9.35 billion in the month of February.

The apex bank stated this in its monthly report for February.

It said, “Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February 2019, respectively.”

The report stated that external revenues declined by 11.7 percent due to the drop in the global oil price to $58.56 per barrel in the month under review.

Therefore, aggregate foreign exchange inflow stood at $16.19 billion in the month, a decrease of 4.4 percent when compared with the month of January.

However, this was 61.7 percent higher than the corresponding period of 2019 when things were normal.

The development relative to the month of January reflected a decline of 8.6 percent and 2.5 percent in inflow through the bank and autonomous sources, respectively.

According to the report, aggregate foreign exchange outflow declined by 1.5 percent to $6.85 billion when compared with the preceding month. Still, it was 26 percent higher than the corresponding period of 2019.