By using our website, you agree to the use of our cookies.

Advert Placement

Nigerian Presidential and
National Assembly Election!

  • days
  • Hours
  • Minutes
  • Seconds
🇳🇬 👍 🇳🇬
Opinion

Foreign Exchange utilization for food importation dropped by half this year 

The Central Bank of Nigeria (CBN) says foreign exchange (FX) utilisation for food importation dropped by half in January 2021.

 

The CBN’s economic report on ‘Sectoral Utilisation of Foreign Exchange’ for January said a total of $160 million was spent from Nigeria’s FX on importing food in January.

 

Advert placement

This represents a 48 percent decline when compared to $310 million spent in December 2020.

 

Advert placement

 

 

The report said FX worth $2.75 billion was expended across sectors, representing a 40.3 percent decrease from the preceding month.

 

“Total foreign exchange utilisation by sectors decreased by 40.3 per cent from the preceding month to $2.75billion, reflecting a drop in end-user demand for foreign exchange, owing to year-end ease in economic activities,” the report said. “Visible and invisible imports, constituting 46.9 per cent and 53.1 per cent respectively of the total foreign exchange utilisation declined by 53.4 per cent and 20.7 per cent to $0.77billion and $0.87billion respectively. A disaggregation of foreign exchange utilisation for visible transactions showed that the amount utilised for industrial, manufactured products, and food products sub-sectors amounted to $0.30billion, $0.23billion, and $0.16billion respectively, relative to $0.72billion, $0.38billion, and $0.31billion in the precedi ng month…”

 

 

 

 

 

Source: www.sunnewsonline.com

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0

Disclaimer

Contents provided and/or opinions expressed here do not reflect the opinions of The Pacesetter Frontier Magazine or any employee thereof.

Advert Placement


Support The Pacesetter Frontier Magazine

It takes a lot to get credible, true and reliable stories.

As a privately owned media outfit, we believe in setting the pace and leaving strides in time.

If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.

Related posts

Leave a Reply

Required fields are marked *

All Rights Reserved | The Pacesetter Frontier Magazine | Design by Karm