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Home Business & Finance

Net Forex Inflow Falls to $14bn in Q3 – CBN

Nnaemeka OkwarabyNnaemeka Okwara
December 23, 2024
in Business & Finance
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Net Forex Inflow Falls to $14bn in Q3 – CBN
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The Central Bank of Nigeria (CBN) has announced that the total amount of foreign money coming into Nigeria’s economy in the third quarter of 2024 dropped by 2.97% to $14.46 billion, down from $14.89 billion in the previous quarter.

This data was made public in the CBN’s third-quarter economic report published on Friday. The report shows that, compared to the previous quarter, net foreign exchange inflow decreased by 2.97%.  But when looking at the same time in 2023, foreign exchange revenue coming in increased by 75.91%, rising from $8.22 billion to $14.46 billion.

In the third quarter, total foreign exchange inflow into the country increased by 3.01%, reaching $22.89 billion, up from $22.22 billion in the second quarter of 2024. Notably, inflows through official sources saw a rise, while those from autonomous sources dropped during the same period.

The report highlighted that inflows through the banking sector rose by 39.63%, amounting to $11.86 billion, compared to $8.49 billion in Q2 2024.

However, autonomous sources, which includes informal ways and non-official methods, went down by 19.66%, dropping to $11.03 billion from $13.72 billion in the previous quarter.

Tags: cbnfederal characterFinanceInflowNet ForexNet Forex Inflow Falls to $14bn in Q3 – CBNNewsNigeriaQ3
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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