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

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 (6833 Views)

Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by iwaeda(op): 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/

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Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by iwaeda(op): 9:04am On Jul 15, 2022

Buhari destroyed everything 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.

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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.

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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....

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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

Re: Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs by GoodTinubu1: 9:41am On Jul 15, 2022

see

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

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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

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

Sri Lanka

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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.

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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!

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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