Nigeria experience rise in forex flow

Nigeria has recorded $10.75bn foreign exchange inflow in two months, figures obtained from the Central Bank of Nigeria have revealed.

 

The CBN revealed in its monthly economic report on ‘Foreign exchange flows through the economy’.

 

The report stated, “The economy recorded higher net foreign exchange inflow, driven by favourable sovereign ratings and higher oil and gas prices. Aggregate foreign exchange inflow into the economy rose by 42.8 per cent, to $6.32bn in February 2022, compared to $4.43bn in January 2022.

 

“However, the total foreign exchange outflow decreased by 5.8 per cent to $3.17bn, from the $3.36bn in the preceding month.

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