Forex inflow in sharp rise, as CBN records $14.5bn in 5 months - 9JAOlofofo | Nigeia #1 gossip site.

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Thursday, 20 July 2017

Forex inflow in sharp rise, as CBN records $14.5bn in 5 months

THE Central Bank of Nige-ria (CBN) recorded foreign exchange inflow of $14.53 billion from January to May this year. This represents 121 per cent increase when compared with $6.57 billion recorded from January to May in 2016.
Vanguard analysis of the monthly economic reports of the apex bank revealed that foreign exchange outflow through the CBN, however, increased marginally by 5.8 per cent to $9.09 billion within same period this year, compared to the $8.59 billion recorded as outflow same period last year. Consequently, the apex bank recorded net foreign exchange inflow of $5.4 billion in the first five months of this year, up by 367 per cent per cent from net outflow of $2.02 billion recorded in the corresponding period of 2016.
Further details, however, revealed that foreign exchange inflow into the CBN has been fluctuating since February when it peaked at $5.1 billion. In March it dropped to $1.63 billion, rose to $2.87 billion in April but dropped again to $2.26 billion in May. On the other hand, foreign exchange outflow from the apex bank has been on the upward trend since the beginning of the year.

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