Nigeria’s Forex Inflows Are Increasing

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Timing To Get the Best Exchange Rate or Hedging?
Timing To Get the Best Exchange Rate or Hedging?

Foreign exchange inflows to the Nigerian economy increased by 65 percent in the third quarter of 2021, according to a report released on Saturday by the country’s central bank.

The Central Bank of Nigeria (CBN) reported in its economic report that the country earned a total of $30.2 billion in the third quarter, a rise attributed to increased non-oil receipts and proceeds from Eurobonds, among other factors.

“A disaggregation revealed that non-oil receipts increased to $14.97 billion, up from $4.60 billion in the previous quarter,” the CBN stated.

However, receipts from oil-related sources fell by 2.7 percent to $1.86 billion, compared to the value in the second quarter of 2021, according to the CBN.

“Foreign exchange inflow through autonomous sources was $13.37 billion, compared to $11.79 billion in the previous period, as a result of improved inflow from invisible purchases and non-oil export receipts,” according to the apex bank report.