How Oil Dollars Gush Became a Trickle – THISDAYLIVE

2 months ago THISDAYLIVE

This means that oil inflows through the CBN are usually high when oil prices are high and usually head south when oil prices plummet. In June 2008, for example, oil forex inflows amounted to $3.16 billion or 96.04% of the $3.29 billion total forex inflows through the CBN. The oil inflows crashed to $1.99 billion or 86.52% of the total CBN forex inflows of $2.30 billion in January 2010. A highpoint was in March 2014 when oil inflows hit $4.79 billion or 98.15% of the total $4.88 billion CBN forex inflows. Oil inflows came to $1.52 billion or 59.6% of total CBN inflows that month, then plunged to $574 million or 30% of CBN inflows in June 2016.
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