Nigeria Witnesses $4692bn Net Forex Inflows Rise, Says CBN

In the first 10 months of 2024 (10m’24), net foreign exchange (FX) inflows into the economy increased by 65.7% year-over-year (YoY) to $46.92 billion, according to data from the Central Bank of Nigeria.

The CBN’s Economic Report for the review period showed that the rise was from $28.31 billion in the corresponding period of 2023.

The CBN’s Economic Report for the review period stated that the increase was from $28.31 billion at the same time in 2023.

In 10M’24, the economy’s overall foreign exchange inflow was $79.8 billion, up 41% from $55.57 billion in 10M’23.

Nonetheless, the economy’s foreign exchange outflows decreased 1.4% year over year to N29.84 billion in 10m’24 from N30.29 billion in 10m’23.

According to analysis, inflows from autonomous sources increased from $34.4 billion in 10m’23 to $35.82 billion in 10m’24, a 0.06 percent YoY increase. In a similar vein, outflow from autonomous sources increased significantly from $2.4 billion in 10m’23 to $7.08 billion in 10m’24, a 195% YoY increase.

Consequently, net forex inflow through autonomous sources rose by 73 percent 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 percent YoY to $32.94 billion in 10m’24 from $21.25 billion in 10m’23.

But outflows through CBN declined by 1.11 percent 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 percent 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.”