Between January and September 2018, a total foreign exchange inflow of $40.93 billion was recorded by the Central Bank of Nigeria.

The inflow of $40.93 billion, when compared with the $27.95 billion recorded in the first nine months of 2017, represents an increase of $12.98 billion.

An analysis of the third quarter economic report of the CBN showed that about $14.15 billion passed through the apex bank in the first quarter of last year.

In the second quarter of last year, the CBN recorded foreign exchange inflow of $13.82 billion, while the sum of $12.95 billion was recorded during the third quarter of 2018.

The report stated that 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.

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This, it stated was on account of the favourable international price of crude oil.

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

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