Data from the Central Bank of Nigeria (CBN) has indicated that the net foreign exchange (FX) inflows into the economy increased by 65.7 percent year-on-year (YoY), reaching $46.92 billion during the first ten months of 2024 (10m’24).
The CBN’s Economic Report for the review period showed that the rise was from $28.31 billion in the corresponding period of 2023.
Aggregate forex inflow to the economy rose YoY by 41 percent to $79.8 billion in 10m’24 from $55.57 billion in 10m’23.
However, forex outflows from the economy fell by 1.4 percent YoY to $29.84 billion in 10m’24 from N30.29 billion in 10m’23.
Analysis showed that inflows through autonomous sources rose by 0.06 percent YoY to $35.82 billion in 10m’24 from $34.4 billion in 10m’23.
Similarly, outflows from autonomous sources surged by 195 percent year-on-year, reaching $7.08 billion in the first ten months of 2024, up from $2.4 billion in the same period of 2023.
As a result, net foreign exchange inflow from autonomous sources increased by 73 percent year-on-year, totaling $39.7 billion in the first ten months of 2024, compared to $22.93 billion in the prior year.
The figures also show that the Central Bank of Nigeria (CBN) inflows grew by 55 percent year-on-year, amounting to $32.94 billion in 10m’24, up from $21.25 billion in 10m’23.
Conversely, outflows via the CBN saw a slight decline of 1.11 percent, dropping to $25.74 billion in 10m’24 from $26.03 billion in 10m’23.
Consequently, net forex inflow through the CBN skyrocketed by 556.8 percent year-on-year, rising to $7.16 billion in 10m’24 from a negative figure of -$1.09 billion in 10m’23.
In its Economic Report for October 2024, the central bank noted that the economy experienced a decrease in month-on-month net foreign exchange inflow, attributed to reduced inflows through the Bank.
“Foreign exchange flows through the economy amounted to a net inflow of $4.86 billion, relative to $6.35 billion in September 2024.
“Aggregate foreign exchange inflow increased to $9.15 billion, from $8.59 billion in the preceding month.
“Similarly, foreign exchange outflow increased to $4.29 billion, from $2.24 billion in the preceding month.
“Foreign exchange inflow through the bank declined to $4.48 billion, from $5.22 billion in the preceding month, while autonomous inflow increased to $4.67 billion, from $3.37 billion in the preceding month.
“Outflow through the bank rose to $3.73 billion, from $1.84 billion, while autonomous outflow fell to $0.56 billion, from $0.40 billion in September 2024.
“Consequently, a net inflow of $4.11 billion was recorded through autonomous sources, compared with $2.97 billion in September 2024, while the bank recorded a net inflow of $0.75 billion, relative to US$3.38 billion in the preceding month.”