Data from the Central Bank of Nigeria said the net foreign exchange (FX) inflows through the economy rose by 65.7 per cent year-on-year (YoY) to $46.92 billion in 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 per cent to $79.8 billion in 10m’24 from $55.57 billion in 10m’23.
However, forex outflows from the economy fell by 1.4 per cent 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 per cent YoY to $35.82 billion in 10m’24 from $34.4 billion in 10m’23. Similarly, outflow through autonomous sources rose sharply by 195 per cent YoY to $7.08 billion in 10m’24 from $2.4 billion in 10m’23.
Consequently, net forex inflow through autonomous sources rose by 73 per cent YoY to $39.7 billion in 10m’24 from $22.93 billion in 10m’23.
The data also showed that inflows through CBN rose by 55 per cent YoY to $32.94 billion in 10m’24 from $21.25 billion in 10m’23.
But outflows through CBN declined by 1.11 per cent to $25.74 billion in 10m’24 from $26.03 billion in 10m’23.
Consequently, net forex inflow through the CBN rose by 556.8 per cent, YoY to $7.16 billion in 10m’24 from -$1.09 billion in 10m’23.
In its October 2024 Economic Report, the apex bank said the economy recorded a lower month-on-month net foreign exchange inflow, on account of decreased inflow 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.”
