More foreign currency entered the economy in the past one year as the net foreign exchange (FX) surged by 245.9 per cent.
Data from the Central Bank of Nigeria (CBN)’s economic report showed that the net FX flows through the economy rose to $5.95 billion as of November 2024 compared to $1.7 billion in the corresponding period of November 2023.
The net FX flow is the difference between the total inflows and outflows of foreign exchange. A positive net FX flow indicates that more foreign currency is entering the economy than leaving, which can strengthen the country’s foreign reserves and exchange rate.
Read more at LeadershipNG
Data from the Central Bank of Nigeria (CBN)’s economic report showed that the net FX flows through the economy rose to $5.95 billion as of November 2024 compared to $1.7 billion in the corresponding period of November 2023.
The net FX flow is the difference between the total inflows and outflows of foreign exchange. A positive net FX flow indicates that more foreign currency is entering the economy than leaving, which can strengthen the country’s foreign reserves and exchange rate.
Read more at LeadershipNG