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.
