By Yemisi Izuora-Lagos
Total foreign exchange inflow into the economy amounted to US$44.18 billion, representing an increase of 12.4 and 14.6 per cent above the levels in the preceding quarter and the corresponding quarter of 2013, respectively.
This development was attributed , largely, to the increase in non-oil receipts through autonomous sources. Oil sector receipts, which accounted for 22.5 per cent of the total, stood at US$9.95 billion, compared with the US$11.21 billion and US$9.52 billion recorded in the second quarter of 2014 and the corresponding quarter of 2013, respectively.
According to the Central Bank of Nigeria (CBN)report for the third quarter, foreign exchange inflow through the CBN in the third quarter amounted to US$13.09 billion, representing an increase of 3.4 and 10.4 per cent above the levels in the preceding quarter and the corresponding quarter of 2013, respectively.
The report attributed this to increase in the non-oil component driven mainly by increases in swaps transactions and inflows through other official receipts, respectively.
However, foreign exchange outflow amounted to US$11.80 billion, showing a decline of 7.8 and 6.8 per cent below the levels in the preceding quarter and the corresponding quarter of 2013, respectively.
The fall in outflow, relative to the preceding quarter, was attributed to the decline in Retail Dutch Auction System (rDAS) utilization and other official payments. The development resulted in a net inflow of US$1.29 billion, compared with US$0.14 billion and $0.81 billion recorded in the preceding quarter and the corresponding quarter of 2013, respectively.