Nigeria’s Economy recorded $4.17bn forex deficit in one year

Image result for Nigeria receives  $58.01bn Forex in 12 monthsA total foreign exchange of $58.01bn came into the economy through the Central Bank of Nigeria within a 12-month period covering November 2018 and November this year.

The figure is based on an analysis of the foreign exchange inflow and outflow through the economy as contained in the economic report of the apex bank.

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An analysis of the report showed that while the economy recorded foreign exchange inflow of $58.01bn, about $62.18bn went out during the one-year period.

Based on the rate at which outflows exceeded the inflows, the economy recorded a $4.17tn deficit in foreign exchange during the one-year period.

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