{"id":350254,"date":"2024-12-24T08:38:14","date_gmt":"2024-12-24T07:38:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=350254"},"modified":"2024-12-24T08:38:14","modified_gmt":"2024-12-24T07:38:14","slug":"foreign-exchange-inflow-declines-to-14-46bn-in-q3-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/12\/24\/foreign-exchange-inflow-declines-to-14-46bn-in-q3-cbn\/","title":{"rendered":"Foreign exchange inflow declines to $14.46bn in Q3 \u2013 CBN"},"content":{"rendered":"<ul>\n<li><strong>Foreign exchange inflow increased by 3.01 percent to $22.89 billion from $22.22 billion in Q2 2024. Also, inflows through official sources increased in Q3 as those of autonomous sources declined<\/strong>.<\/li>\n<\/ul>\n<hr \/>\n<p>The <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/12\/21\/cbn-approves-weekly-25000-purchase-for-bdcs-from-banks\/\">Central Bank of Nigeria<\/a> has disclosed that the Nigerian economy experienced a decline in net foreign exchange inflow in the third quarter of 2024.<\/p>\n<p>According to the CBN, the inflow fell from $14.89 billion in the second quarter to $14.46 billion in the third quarter.<\/p>\n<p>The development is contained in the CBN\u2019s third-quarter economic report published at the weekend.<\/p>\n<p>The report, also showed that on a quarter-on-quarter basis, net foreign exchange in the third quarter decreased by 2.97 percent; however, compared to the third quarter of 2023, net foreign inflow had increased by 75.91 percent from $8.22 billion to $14.46 billion.<\/p>\n<p>Meanwhile, in the quarter under review, foreign exchange inflow increased by 3.01 percent to $22.89 billion from $22.22 billion in Q2 2024. Also, inflows through official sources increased in Q3 as those of autonomous sources declined.<\/p>\n<p>The report said, \u201cInflows through the bank rose by 39.63 percent to $11.86 billion from $8.49 billion, while autonomous sources fell by 19.66 percent to $11.03 billion from $13.72 billion in the preceding quarter.<\/p>\n<p>\u201cForeign exchange outflow through the economy rose by 15.18 percent to $8.43 billion, relative to the level in Q2 2024. Outflows through the bank rose by 27.91 percent to $7.31 billion, while those through autonomous sources decreased by 30.06 percent to $1.12 billion.<\/p>\n<p>\u201cConsequently, net foreign exchange inflow through the economy decreased by 2.97 percent to $14.46 billion, from $14.89 billion in the preceding quarter.<\/p>\n<p>\u201cHowever, net inflow through autonomous sources fell to $9.90bn from $12.12bn in the preceding quarter. A net inflow of $4.55bn was recorded through the bank compared with a net outflow of $2.78bn in the preceding quarter.\u201d<\/p>\n<p>The Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the Senate Committee, revealed that diaspora remittances processed through International Money Transfer Operators between January and October 2024 reached $4.22 billion.<\/p>\n<p>He attributed the surge in remittances to the impact of President Bola Ahmed Tinubu\u2019s policies<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Foreign exchange inflow increased by 3.01 percent to $22.89 billion from $22.22 billion in Q2 2024. Also, inflows through official sources increased in Q3 as those of autonomous sources declined. The Central Bank of Nigeria has disclosed that the Nigerian economy experienced a decline in net foreign exchange inflow in the third quarter of 2024. [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":141385,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[658,85763,14432,85764],"class_list":["post-350254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn","tag-economic-report","tag-foreign-exchange","tag-fx-inflow"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Foreign exchange inflow declines to $14.46bn in Q3 \u2013 CBN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2024\/12\/24\/foreign-exchange-inflow-declines-to-14-46bn-in-q3-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign exchange inflow declines to $14.46bn in Q3 \u2013 CBN\" \/>\n<meta property=\"og:description\" content=\"Foreign exchange inflow increased by 3.01 percent to $22.89 billion from $22.22 billion in Q2 2024. Also, inflows through official sources increased in Q3\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2024\/12\/24\/foreign-exchange-inflow-declines-to-14-46bn-in-q3-cbn\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-24T07:38:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/01\/chioma_adebiyi\/2022\/01\/29\/CBN-600x375-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Afolabi Hakim\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Afolabihakim\" 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