The net foreign exchange inflow to the Nigerian economy in the third quarter of the year decreased by 2.97 per cent to $14.46 billion from $14.89 billion in the preceding quarter.
This was released by the Central Bank of Nigeria in its third-quarter economic report published on Friday.
The PUNCH reports that 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 $8.22 billion to $14.46 billion.
In Q3, foreign exchange inflow increased by 3.01 per cent 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 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.
“Consequently, net foreign exchange inflow through the economy decreased by 2.97 per cent to $14.46bn, from $14.89bn 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, during a recent meeting with the Senate Committee on Banking, Insurance, and Other Financial Institutions, revealed that diaspora remittances processed through International Money Transfer Operators between January and October 2024 reached $4.22 billion.
This figure is nearly double the $2.62 billion recorded during the same period in 2023. Cardoso added that on a monthly analysis, remittances increased from $336 million in September 2024 to $402 million in October 2024.
