Net foreign exchange inflows into Nigeria’s economy surged by 67.8% to $27.6 billion in the first half of 2024, up from $16.44 billion in the same period of 2023.
According to the Central Bank of Nigeria’s (CBN) quarterly Economic Statistics, this growth was driven by a 34.6% year-on-year increase in net inflows from autonomous sources and a remarkable 170% rise in net forex inflows via the CBN.
Total forex inflows into the economy increased by 41.6% year-on-year to $47.73 billion in H1 2024, compared to $33.7 billion in H1 2023. Gross inflows from autonomous sources rose by 47.6% year-on-year to $31.15 billion, up from $21.16 billion during the same period in 2023.
However, forex outflows from the economy also increased by 16.3% year-on-year to $20.12 billion in H1 2024, up from $17.3 billion in H1 2023. Outflows through autonomous sources saw a sharp rise of 160.8% year-on-year, reaching $5.4 billion in H1 2024 compared to $2.07 billion in H1 2023.
As a result, net forex inflows from autonomous sources grew by 34.6% year-on-year to $25.7 billion in H1 2024 from $19.09 billion in H1 2023.
Meanwhile, inflows through the CBN increased by 31.7% year-on-year to $16.6 billion, up from $12.6 billion in H1 2023, while outflows from the CBN declined by 15%, from $17.29 billion in H1 2023 to $14.7 billion in H1 2024.
Consequently, net forex inflows through the CBN surged by 170% year-on-year to $1.86 billion in H1 2024, compared to a negative $2.65 billion in H1 2023.
Additionally, inflows through International Money Transfer Operators (IMTOs) grew by 47% year-on-year to $2.33 billion in H1 2024, up from $1.58 billion in H1 2023, following CBN’s recent policies allowing IMTOs access to naira liquidity at the official window.
The CBN stated that these measures aim to improve the efficiency of forex markets and boost remittance flows through formal channels.