The Central Bank of Nigeria allocated $1.87bn for food imports in the first nine months of 2024, representing a $235.11m increase compared to the $1.64bn recorded in the same period of 2023.
This marks a 14.37 per cent rise in foreign exchange utilisation for food imports, as captured in the CBN’s quarterly statistical bulletin for the third quarter of 2024.
A year-on-year analysis of the data reveals mixed trends across the months. In January, forex allocation dropped by 33.08 per cent from $245.69m in 2023 to $164.43m in 2024.
However, February witnessed a remarkable surge, with allocations nearly doubling to $303.91m in 2024 compared to $163.57m in the same month of 2023.
By March, allocations had declined by 17.45 per cent, settling at $221.54m compared to $268.35m in the corresponding period of 2023.
April maintained the downward trend with a 36.39 per cent fall, as forex utilisation dropped from $240.95m in 2023 to $153.27m in 2024.
