Nigeria’s Forex Inflow Hits $55.5bn In Seven Months - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

Nigeria’s Forex Inflow Hits $55.5bn In Seven Months

The Source by The Source
January 22, 2022
in News
0
Central Bank Sets To Roll Out E-naira
0
SHARES
12
VIEWS
Share on Facebookshare on whatsappShare on Twitter

The country recorded a foreign exchange inflow of $55.5bn in seven months, data obtained from the Central Bank of Nigeria have shown.

The rise in forex inflow was attributed to increased non-oil receipts and proceeds from Eurobonds, among other factors.

According to the CBN’s economic reports, the country earned $18.3bn in the second quarter of 2021, $30.2bn in the third quarter, and $7bn in October.

The apex bank said foreign exchange inflow to the economy improved in the third quarter due to increased non-oil receipts.

It said, “Foreign exchange inflow into the economy rose significantly by 65.0 per cent to $30.20bn, compared with $18.3bn in the preceding period. The development was driven by the 158.4 per cent and 13.4 per cent increased inflow through the CBN and the autonomous sources, respectively.

“Foreign exchange inflow through the bank at $16.83bn increased significantly above the $6.51bn in the preceding quarter due to additional SDR allocation and proceeds from the Eurobond sales. A disaggregation showed that non-oil receipts increased to $14.97bn, compared with the $4.60bn in the preceding quarter.

“However, receipts from oil-related sources fell by 2.7 per cent to $1.86bn, relative to the value in the second quarter of 2021. Foreign exchange inflow through autonomous sources was $13.37bn, compared with $11.79bn in the preceding period, as a result of improved inflow from invisible purchases and non-oil export receipts.”

The CBN said aggregate foreign exchange inflow into the economy was $7bn in October, compared with $13.38bn in September.

It said, “The difference between the levels in October and the preceding month was mainly accounted for by the debt proceeds of Eurobonds, which boosted receipts in September 2021.

“However, foreign exchange outflow through the economy increased by 32.3 per cent to $4.31bn in October 2021. Outflow through the bank increased by 45.6 per cent, relative to September (mainly third-party MDA transfers and interbank sales).

“On the other hand, autonomous outflow declined by 7.2 per cent to $0.76bn, on account of the decrease in invisible imports. Consequently, the economy recorded a net inflow of $2.69bn in the review period.”

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Tags: Forex InflowNigeria
Previous Post

Budget 2022 Can See Further Allocation In Infra Sector — Experts

Next Post

Toyin Lawani’s Near-nude Video Angers Fans

The Source

The Source

Related Posts

National Prayers Cancelled In Kano Over Security Concerns
News

EAPEAN Felicitates with Nigerians on Eid al-Adha

by The Source
June 7, 2025
Tinubu advocates collaboration to ease global Challenges
News

Osun Leaders of Thought Vow to Resist Any Attempt to Sabotage Tinubu’s Administration

by The Source
June 7, 2025
OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents
News

OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents

by The Source
June 7, 2025
One Year Of President Bola Ahmed Tinubu, How Far Nigeria? – Fadojoe
News

Fadojoe Sends Eid al-Adha Message of Hope and National Renewal to Nigerians

by The Source
June 6, 2025
Erinpa Chief Imam Urges Nigerians to Embrace Love, Unity on Eid al-Adha
News

Erinpa Chief Imam Urges Nigerians to Embrace Love, Unity on Eid al-Adha

by The Source
June 6, 2025
Next Post
Toyin Lawani’s Near-nude Video Angers Fans

Toyin Lawani’s Near-nude Video Angers Fans

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • EAPEAN Felicitates with Nigerians on Eid al-Adha
  • Osun Leaders of Thought Vow to Resist Any Attempt to Sabotage Tinubu’s Administration
  • OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In