CBN data reveals why demand for FX declined as naira recovers

• CBN data shows that the demand for dollars dropped by 11% to $5.7 billion in the third quarter of 2024
• The move shows an 11% decline in dollar demand by various sectors of the Nigerian economy
• Reports say the largest consumer of FX in the review remained manufacturing and food imports

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Demand for the US greenback declined by 11% to $5.7 billion in Q3 of last year due to a decline in invisible transactions.

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