Nigeria’s Forex Inflows Are Increasing

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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.