Between January and September last year, a total foreign exchange inflow of $40.93bn was recorded by the Central Bank of Nigeria.
The inflow of $40.93bn, when compared with the $27.95bn recorded in the first nine months of 2017, represents an increase of $12.98bn.
An analysis of the third quarter economic report of the CBN showed that about $14.15bn passed through the apex bank in the first quarter of last year.
In the second quarter of last year, the CBN recorded foreign exchange inflow of $13.82bn, while the sum of $12.95bn was recorded during the third quarter of 2018.
The report stated that despite the decline in domestic crude oil production, there was an improvement in foreign exchange revenue from oil export in the third quarter of 2018.
This, it stated was on account of the favourable international price of crude oil.
It added that the development was, however, moderated by the significant decline in inflow from non-oil exports.
It read in part, “Aggregate foreign exchange inflow through the CBN amounted to $12.95bn, indicating a 6.3 per cent decline below the level at end-June 2018.
“It, however, showed an increase of 8.1 per cent, over the level in the corresponding period of 2017.
“The decline, relative to the preceding quarter, reflected, mainly, the fall in inflow from non-oil sources.”
In terms of outflow, further analysis of the report showed that $9.65bn left the apex bank in the first quarter.
The figure rose by $3.64bn to $13.29bn in the second quarter, before reaching $16.93bn during the third quarter of last year.
The apex bank attributed the increase in outflow relative to the preceding quarter to a 32.2 per cent and 28 per cent increase in public sector payments and interventions in the foreign exchange market.
Overall, a net outflow of $3.98bn was recorded through the bank in the third quarter, compared with $530m and $2.64bn in the second quarter of 2018 and the corresponding period of 2017.
Finance and economic experts, who spoke on the foreign exchange inflow, explained that the demand management policy of the Federal Government was responsible for the inflows.
They, however, said while the current administration had made remarkable progress in the area of reducing inflation and increasing external reserves, there was a need to intensify its economic diversification programme.
Frontpage September 14, 2017