The net foreign exchange inflow to the Nigerian economy in the third quarter of the year decreased by 2.97 per cent to $14.46bn from $14.89bn in the preceding quarter.
This was released by the Central Bank of Nigeria in its third-quarter economic report published on Friday.
On a quarter-on-quarter basis, net foreign exchange in the third quarter decreased by 2.97 per cent; however, compared to the third quarter of 2023, net foreign inflow had increased by 75.91 per cent from $8.22bn to $14.46bn.
In Q3, foreign exchange inflow increased by 3.01 per cent to $22.89bn from $22.22bn 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 per cent to $11.86 billion from $8.49bn, while autonomous sources fell by 19.66 per cent to $11.03bn from $13.72bn in the preceding quarter.
Foreign exchange outflow through the economy rose by 15.18 per cent to $8.43bn, relative to the level in Q2 2024. Outflows through the bank rose by 27.91 per cent to $7.31bn, while those through autonomous sources decreased by 30.06 per cent to $1.12bn.
