Foreign Inflow Declined by 6.7% in Q3

• Foreign Inflow Declined by 6.7% in Q3

The total foreign exchange inflow recorded by the Central Bank of Nigeria in the third quarter stood at $11.69 billion.

This was 6.7 percent lower than the second quarter of 2019 and 9.5 percent below the corresponding quarter of 2018, the central bank reported.

Breaking down the numbers, oil receipts accounted for $4 billion of the total inflow, while non-oil receipts contributed $7.71 billion.

The central bank said, “Aggregate foreign exchange inflow into the CBN amounted to $11.69bn, showing declines of 6.7 per cent and 9.5 per cent, compared with the levels in the second quarter of 2019 and the corresponding period of 2018, respectively.

“The development, relative to the preceding quarter, reflected mainly the fall in non-oil receipts. Aggregate outflow from the CBN was $15.30bn, indicating an increase of 22 per cent above the level in the second quarter of 2019, but a decline of 12 per cent, compared with level in the corresponding period of 2018.”

The total net outflow stood at $3.61 billion in the third quarter, higher than the $0.02 billion and $4.47 billion filed in the preceding quarter and the corresponding period of 2018, respectively.

The report also showed aggregate foreign exchange inflow grew by 4.3 percent to $25.76 billion when compared with the same period of 2018 and 5.7 percent lower to the second quarter of 2019.

The apex bank attributed the decline to the 6.7 per cent and 5 per cent declines in the inflow that came in through apex bank and autonomous sources.