{"id":33791,"date":"2020-12-23T18:43:04","date_gmt":"2020-12-23T18:43:04","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=33791"},"modified":"2020-12-23T18:43:04","modified_gmt":"2020-12-23T18:43:04","slug":"aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report","title":{"rendered":"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>The aggregate forex inflow to the Nigerian economy crumbled by 30.4% to $30.83 billion in the third quarter compared to the same period of 2019, the Central Bank of Nigeria (CBN) third quarter economic report revealed on Tuesday.<\/p>\n

However, aggregate forex inflow declined modestly by 2.2% to $21.95 billion quarter on quarter.<\/p>\n

Forex outflow from the economy declined by 57.3 per cent to $7.70 billion in the period under review relative to the third quarter of 2019, according to the CBN report.<\/p>\n

The trend resulted from a slump in the outflow through the CBN and independent sources for the greater part of Q3 2020.<\/p>\n

The CBN attributed the lull in economic activities to weaker demand for foreign exchange.<\/p>\n

\u201cThe overall foreign exchange flow through the economy resulted in a net inflow of $14.05 billion, indicating increases of 5.7 per cent and 4.1 per cent over the net inflow of $13.29 billion in the preceding quarter and $13.50 billion in the corresponding quarter of 2019, respectively.<\/p>\n

\u201cThe development was attributed to the gradual easing of the partial lockdown and improvement in economic activities in the third quarter of 2020,\u201d the report said.<\/p>\n

Forex inflow to the economy through the CBN contracted in the third quarter on account of fall in non-oil inflow.<\/p>\n

Aggregate forex inflow through the apex bank came to $6.97 billion, representing a 30.7 per cent drop from the second quarter level and a 43.6 per cent fall from the figure reported in the same period of 2019.<\/p>\n

The negative trend in forex inflow derived from a contraction in both oil and non-oil receipts by 9.7 per cent quarter-on-quarter and 44.7 per cent year-on-year.<\/p>\n

\u201cThe decrease in non-oil receipts followed reversion to normal trend after the one-off International Monetary Fund (IMF) facility in the previous quarter, while that of oil receipts was as a result of the weak global demand for crude oil, owing to fragile global economic recovery.\u201d<\/p>\n

Nigeria\u2019s foreign exchange reserves have been under pressure since April on account of the double whammy of a slump in oil prices and the coronavirus crisis.<\/p>\n

It shed 4.85% between May, when it stood at $36.6 billion, and 17th December, when it recorded a balance of $34.825 billion.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The aggregate forex inflow to the Nigerian economy crumbled by 30.4% to $30.83 billion in the third quarter compared to the same period of 2019, the Central Bank of Nigeria (CBN) third quarter economic report revealed on Tuesday. However, aggregate forex inflow declined modestly by 2.2% to $21.95 billion quarter on quarter. […]<\/p>\n","protected":false},"author":84,"featured_media":33790,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2116,503,1621,106,420,2117,254],"class_list":["post-33791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-aggregate-forex-inflow","tag-cbn","tag-dollar","tag-economy","tag-forex","tag-international-monetary-fund","tag-nigeria"],"yoast_head":"\nAggregate forex inflow to economy falls by 30.4% \u2013CBN report - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. The aggregate forex inflow to the Nigerian economy crumbled by 30.4% to $30.83 billion in the third quarter compared to the same period of 2019, the Central Bank of Nigeria (CBN) third quarter economic report revealed on Tuesday. However, aggregate forex inflow declined modestly by 2.2% to $21.95 billion quarter on quarter. […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-23T18:43:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report\",\"datePublished\":\"2020-12-23T18:43:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report\"},\"wordCount\":357,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg\",\"keywords\":[\"Africa Press\",\"Aggregate forex inflow\",\"CBN\",\"Dollar\",\"Economy\",\"FOREX\",\"International Monetary Fund\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report\",\"name\":\"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg\",\"datePublished\":\"2020-12-23T18:43:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg\",\"width\":640,\"height\":350,\"caption\":\"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report - Nigeria","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report","og_locale":"en_US","og_type":"article","og_title":"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report","og_description":"Africa-Press – Nigeria. The aggregate forex inflow to the Nigerian economy crumbled by 30.4% to $30.83 billion in the third quarter compared to the same period of 2019, the Central Bank of Nigeria (CBN) third quarter economic report revealed on Tuesday. However, aggregate forex inflow declined modestly by 2.2% to $21.95 billion quarter on quarter. […]","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report","og_site_name":"Nigeria","article_published_time":"2020-12-23T18:43:04+00:00","og_image":[{"width":640,"height":350,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report","datePublished":"2020-12-23T18:43:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report"},"wordCount":357,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg","keywords":["Africa Press","Aggregate forex inflow","CBN","Dollar","Economy","FOREX","International Monetary Fund","Nigeria"],"articleSection":["all news","Economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report","name":"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg","datePublished":"2020-12-23T18:43:04+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe372cf72407.jpg","width":640,"height":350,"caption":"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/aggregate-forex-inflow-to-economy-falls-by-30-4-cbn-report#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Aggregate forex inflow to economy falls by 30.4% \u2013CBN report"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/33791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=33791"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/33791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/33790"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=33791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=33791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=33791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}