CBN records $40.9bn foreign exchange inflow in 9 months

The Central Bank of Nigeria, CBN, has said it recorded a foreign exchange inflow of $40.93 billion between January and September 2018.

According to the CBN third quarter 2018 report, 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.

The report further showed that about $14.15bn passed through the apex bank in the first quarter of last year, while it recorded the sum of $13.82 billion in the second quarter and $12.95 billion in the third quarter.

According to the report, 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 on account of the favourable international price of crude oil.

The CBN, however, added that the development was moderated by the significant decline in inflow from non-oil exports.

“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.”

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On the other hand, the apex bank recorded an outflow of $9.65bn 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 CBN 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.

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