Record $91 Billion Entered Nigeria In 2017, Says CBN Report

'Dotun Akintomide
Writer

Ad

2027: INEC Grants Official Recognition to Atiku, Obi, Aregbesola, Amaechi, David Mark’s ADC

By Abiola Olawale The Independent National Electoral Commission (INEC) has formally recognized the African Democratic Congress (ADC) under the leadership of former President of the Senate, David Mark. This endorsement positions the party as a key contender ahead of the 2027 general elections. The confirmation was displayed on the website of INEC and sighted by…

Attempted suicide no longer a crime: FG sets December deadline for decriminalisation

By Obinna Uballa The Federal Government has reaffirmed its resolve to decriminalise attempted suicide in Nigeria, setting December 2025 as the deadline for completing the reform. Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, disclosed this on Wednesday at a press briefing in Abuja to mark the 2025 World Suicide Prevention Day, themed…

Job Cuts Rock Global Oil and Gas Sector

The global oil and gas industry is facing a severe downturn with widespread job losses and investment cuts. Falling crude prices, exacerbated by OPEC+ output increases, are making it difficult for western majors to fund projects and shareholder payouts. The downturn is significantly impacting the US shale industry and raising concerns about the future of…

Ad

The Central Bank of Nigeria (CBN), said the aggregate foreign exchange inflow into the country stood at $91 billion in 2017, a record compared with 2016.

The bank disclosed in its 2017 annual report released on Thursday that the figure was an increase of 45 per cent from $62.75 billion in 2016.

The bank also said the figure surpassed the total outflow by $57.32 billion in the period.

According to the bank, inflow through the CBN was $42.17 billion, while inflow through autonomous sources amounted to $48.33 billion.

In percentage terms, inflow through the CBN accounted for 46.3 per cent, while autonomous sources took 53.7 per cent.

Also, aggregate foreign exchange outflow, from the economy, increased by 31.8 per cent to U$33.68 billion, higher than the $25.55 billion in 2016.

The report said the outflow through the CBN accounted for 90.7 per cent, about $30.55 billion. It was $23.16 billion in 2016.

Outflow via autonomous sources was calculated at $3.13 billion

The increase was attribute to the increased intervention by the CBN in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp