CBN: Forex Inflow Declined By $2.43bn to $9.72bn in April Obinna Chima Nigeria’s foreign exchange (forex) inflow dropped by 25 per cent to $9.72 per cent in April, from the $12.15 billion recorded in March, according to a report by the Central Bank of Nigeria (CBN).
The apex bank, in its monthly economic report for April, attributed the development to the weak global demand caused by the COVID-19 pandemic. The decline in inflows, relative to the level in March, was also attributed to the
lower receipts from oil sources, which fell sharply by 15.5 per cent as a result of the plunge in average crude oil price from $32.30 per barrel at the onset of the pandemic in March, to $14.30 per barrel in April. The slump in crude oil price was induced by the
weak global demand on account of the lockdown of most economies following the continued spread of COVID-19. According to the report, inflow through autonomous sources, particularly invisible purchases, declined by 57.3 per
cent to $3.78 billion, relative to the preceding month, but higher than the 44.1 per cent increase in inflows through the CBN, which stood at $5.94 billion in April. It explained that following the lockdown of the Nigerian economy, aggregate foreign
exchange outflows through the economy decreased by 55.1 per cent to $3.29 billion in April. “Aggregate outflow of foreign exchange from CBN fell by 55.1 per cent to $3.29 Continued on page 8
NSC, OPS Unite to Fight Hike in Cargo Surcharge... Page 6 Thursday 20 August, 2020 Vol 25. No 9264. Price: N250
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NPAN, Tinubu Mourn NAN Chairman, Wada Maida... Page 5
ACF Urges FG to Arrest Worsening Insecurity in Northern States Cautions leaders against inflammatory utterances Boko Haram abducts 100 people in Kukawa, Borno Kingsley Nwezeh in Abuja, Michael Olugbode in Maiduguri, John Shiklam in Kaduna and Francis Sardauna in Katsina The Arewa Consultative Forum (ACF) yesterday urged the federal government and states in the northern region to take all measures to end the wave of terrorism, banditry and kidnapping ravaging the
North. It also asked religious, traditional and political leaders in the region to refrain from making wild and inflammatory utterances that will aggravate tensions arising from the pervasive insecurity in the region. The forum expressed concerns about the worsening Continued on page 8
EFCC Probes Akpabio, Pondei over N81.5bn NDDC’s Expenditure Anti-graft commission yet to invite minister, says aide Deji Elumoye, Kingsley Nwezeh, Udora Orizu in Abuja and Ernest Chinwo in Port Harcourt The Economic and Financial Crimes Commission (EFCC) has launched an investigation
into the alleged involvement of the Minister of Niger Delta Affairs, Senator Godswill Akpabio, and the Acting Managing Director of the Niger Delta Development Continued on page 8
CONDOLENCES… L–R: Wife of the deceased, Mrs. Amina Wada Maida; Chairman of THISDAY/ARISE Group and President of Newspaper Proprietors Association of Nigeria (NPAN), Nduka Obaigbena; and Mr. Abubakar Isa Funtua during a condolence visit to the family of late Chairman of News Agency of Nigeria, Malam Wada Maida, in Abuja…yesterday godwin omoigui
ECOWAS Leaders Meet Today over Coup in Mali... Page 5