- Foreign exchange inflow increased by 3.01 percent to $22.89 billion from $22.22 billion in Q2 2024. Also, inflows through official sources increased in Q3 as those of autonomous sources declined.
The Central Bank of Nigeria has disclosed that the Nigerian economy experienced a decline in net foreign exchange inflow in the third quarter of 2024.
According to the CBN, the inflow fell from $14.89 billion in the second quarter to $14.46 billion in the third quarter.
The development is contained in the CBN’s third-quarter economic report published at the weekend.
The report, also showed that on a quarter-on-quarter basis, net foreign exchange in the third quarter decreased by 2.97 percent; however, compared to the third quarter of 2023, net foreign inflow had increased by 75.91 percent from $8.22 billion to $14.46 billion.
Meanwhile, in the quarter under review, foreign exchange inflow increased by 3.01 percent to $22.89 billion from $22.22 billion in Q2 2024. Also, inflows through official sources increased in Q3 as those of autonomous sources declined.
The report said, “Inflows through the bank rose by 39.63 percent to $11.86 billion from $8.49 billion, while autonomous sources fell by 19.66 percent to $11.03 billion from $13.72 billion in the preceding quarter.
“Foreign exchange outflow through the economy rose by 15.18 percent to $8.43 billion, relative to the level in Q2 2024. Outflows through the bank rose by 27.91 percent to $7.31 billion, while those through autonomous sources decreased by 30.06 percent to $1.12 billion.
“Consequently, net foreign exchange inflow through the economy decreased by 2.97 percent to $14.46 billion, from $14.89 billion in the preceding quarter.
“However, net inflow through autonomous sources fell to $9.90bn from $12.12bn in the preceding quarter. A net inflow of $4.55bn was recorded through the bank compared with a net outflow of $2.78bn in the preceding quarter.”
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the Senate Committee, revealed that diaspora remittances processed through International Money Transfer Operators between January and October 2024 reached $4.22 billion.
He attributed the surge in remittances to the impact of President Bola Ahmed Tinubu’s policies