Nigeria's net foreign exchange inflow drops 62%

Adebayo Obajemu

The impact of Coronavirus continue to be felt in the financial sector as dollar shortfall is being felt owing to lockdown.

On Thursday, the naira traded at N387.65 per dollar in the over-the-counter (OTC) market, due to poor market liquidity. It subsequently came low to N388 on the official market in the previous session but later rebounded.

On its own, U.S. crude oil was below the $20 level, closing at $19.87 a barrel as Brent crude oil closed at $27.82 a barrel, falling below Nigeria’s adjusted benchmark for crude oil pegged at $30 leading to a dip in dollar earnings for Nigeria. Crude oil makes about 90% of Nigeria’s export earnings.


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