The net foreign exchange inflow to the Nigerian economy in the third quarter of the year dropped by 2.97 percent to $14.46 billion from $14.89 billion in the preceding quarter.
The Central Bank of Nigeria disclosed this in its
third-quarter economic report published at the weekend.
According to the report, 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.
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