Net foreign exchange inflow through the economy rose in the review quarter driven, largely, by inflow through the Bank.
Foreign exchange inflow through the nation’s economy increased to $22.89 billion in the third quarter of this year.
The Central Bank of Nigeria economic report for the third showed that forex inflow through economy went up by 3.01 per cent compared with $22.22 billion recorded in second quarter of 2024.
According to the CBN the forex Inflows through the Bank rose by 39.63 per cent to $11.86 billion from $8.49 billion in the previous quarter ,while forex through autonomous sources fell by 19.66 per cent to $11.03 billion against $13.72 billion in the preceding quarter.
Available data from CBN showed that
foreign exchange outflow through the economy rose by 15.18 per cent to $8.43 billion, relative to the level in the preceding quarter.
The apex bank said that outflows through the Bank, rose by 27.91 per cent to $7.31 billion, while those through autonomous sources decreased by 30.06 per cent to $1.12 billion. Consequently, net foreign exchange inflow through the economy decreased by 2.97per cent to US$14.46 billion, from $14.89 billion in the preceding quarter.
However, net inflow through autonomous sources fell to $9.90 billion, from $12.12billion in the preceding quarter. A net inflow of $4.55 billion was recorded through the Bank compared with a net outflow of $2.78 billion in the preceding quarter.
The apex bank report further showed that Currency outside banks increased to N4.65 trillion in November 2024, representing an increase of 95.4 per cent of the total currency in circulation, as cash scarcity in the financial system persisted in the fourth quarter of this year.
The CBN stated that cash outside the banking system went up by N364.38 billion or 8.5 per cent compared with N4.29 trillion recorded in October.
Meanwhile total currency in circulation surged to N4.88 trillion, representing a month-on-month rise of N328.91 billion or 7.2 per cent.
On a year-on-year basis, the amount of currency outside banks rose by 51 per cent compared to n3.08 trillion recorded in November 2023