Total foreign exchange (FX) inflow into the Nigerian economy increased sharply to $30.2 billion in the third quarter (Q3) 2021 from $18.4bn in the preceding quarter, according to the data from the Central Bank of Nigeria (CBN) statistical bulletin.
The sharp rise in inflows into the economy was mostly due to a 158 percent q/q (141percent y/y) increase in inflow through the CBN to $16.8bn, analysts at FBNQuest said in a new note Friday.
The rise in FX flows through the CBN reflect the IMF’s $3.3bn special drawing right (SDR) allocation to Nigeria, as well as proceeds of $4bn from Nigeria’s Eurobond issue, both of which occurred in August and September ’21 respectively…
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