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Net forex inflow rises 118% to $20.5bn in 2 months

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Net forex inflow rises 118% to $20.5bn in 2 months
Forex

By Babajide Komolafe

Net foreign exchange inflow into the economy rose sharply by 118 per cent, year-on-year, YoY, to $20.5 billion in the first two months (January and February) of 2020 from $9.41 billion in the corresponding period of 2019.

The CBN disclosed this in its monthly economic report for January and February 2020 released this week.

The report showed foreign exchange inflow rose by 59 per cent, YoY, to $33.29 billion in January and February 2020, from $20.89 billion in the corresponding period of 2019.

The report also showed 11.1 per cent, YoY increase in foreign exchange outflow to $12.76 billion in January and February 2020 from $11.48 billion in the corresponding period of 2019.

“In its report for February 2020, the apex bank said: “The external sector performance declined in the review month, due to the 11.7 per cent decrease in the international price of crude oil to $58.45 per barrel, at end-February 2020. This was attributed, mainly, to the continuous spread of COVID-19.

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“Consequently, aggregate foreign exchange inflow into the economy amounted to $16.19 billion, indicating a decrease of 4.4 per cent, compared with the level in the preceding month. It was, however, 61.7 per cent higher than the level in the corresponding period of 2019. The development relative to the preceding month reflected the decline of 8.6 per cent and 2.5 per cent in inflow through the Bank and autonomous sources, respectively.

“Aggregate foreign exchange outflow from the economy, at $6.84 billion, fell by 1.5 per cent, compared with the level in the preceding month. It was, however, 26.0 per cent higher than the level in the corresponding period of 2019. The development was attributed, mainly, to the 1.7 per cent decline in outflow through the Bank.

Accordingly, foreign exchange flows through the economy, resulted in a net inflow of $9.35 billion in the review period, compared with $9.99 billion and US$4.58 billion at end-January 2020 and end-February 2019, respectively.”

Guaranty Trust Bank Plc has been awarded the Euromoney Excellence in Leadership Africa Award, a premier award category set up to recognize banks around the world who are playing a pivotal role during the Covid-19 pandemic.

The bank, which was also named Nigeria’s Best Bank for a record 10th time, was lauded for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

Announcing GTBank’s Excellence in Leadership Award, Euromoney said; “One of the first things Nigeria’s Guaranty Trust Bank did with the onset of the Covid-19 pandemic was to get in touch with local authorities to see how the bank could help. Recognizing that the pandemic would stretch the public healthcare system, the bank partnered with local authorities to set up a care facility for people with Covid-19.

“GTBank also granted small and medium-sized enterprises a grace period of 90 days [which has since been extended by a further 3 months] on all loan payments. It is also developing other resources to help SMEs better understand and navigate the impact of the pandemic,” the magazine added.

Whilst being lauded for its exemplary leadership during a global crisis, GTBank is also receiving accolades for its digital drive to radically expand access to financial services and consistency in delivering the best performance across key financial indices. Key to the bank’s emergence as Nigeria’s Best Bank at the Euromoney Awards is its leading role in driving world-class corporate governance standards, excellent service quality and innovation in Africa’s banking industry

Commenting on the Bank’s Euromoney Awards, the Chief Executive Officer of GTBank, Segun Agbaje, said; “We feel very humbled to be awarded the ‘Excellence in Leadership in Africa Award’ and immensely proud to be named Nigeria’s Best Bank for a record tenth time. These awards reflect what we are all about at GTBank—giving back to society and adding value to people’s lives. They are also testaments to our commitment to always be there for our customers and communities as a beacon of hope, an engine of progress and a platform for enriching lives.”

He further stated that; “As we continue to navigate the fallout of this pandemic, the imperative of our time as an organization remains to safeguard our lives and livelihoods. This means that we will continue to lead from the frontlines by protecting our employees, serving our customers wherever they may be, helping businesses make it through these uncertain times and supporting public authorities in combatting the pandemic.”

Vanguard

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