Data gathered from the Central Bank of Nigeria shows that Nigeria has recorded foreign exchange inflow of $55.5bn in the past seven months.
The increase in the foreign exchange inflow was said to be driven majorly by increased non-oil receipts and proceeds from Eurobonds, among other factors.
The CBN economic report states that the country earned $18.3bn in the second quarter of 2021, $30.2bn in the third quarter, and $7bn in the month of October.
The improvement in foreign exchange inflow to the economy in the third quarter was due to increased non-oil receipts, the apex bank added.
The CBN said aggregate foreign exchange inflow into the economy was $7bn in October, compared with $13.38bn in September.
The financial firm disclosed that the difference between the levels in October and the preceding month was mainly accounted for by the debt proceeds of Eurobonds, which boosted receipts in September 2021.
It further said foreign exchange outflow through the economy increased by 32.3% to $4.31bn in October 2021. Outflow through the bank increased by 45.6% relative to September, which was mainly third-party MDA transfers and interbank sales.
