According to data from the Central Bank of Nigeria (CBN), net foreign exchange (FX) inflows into the economy increased by 65.7% year-on-year (YoY), reaching $46.92 billion in the first ten months of 2024 (10m’24).
The CBN’s Economic Report for the review period showed this rise from $28.31 billion in the same period of 2023.
Total forex inflows into the economy grew by 41% YoY, reaching $79.8 billion in 10m’24, compared to $55.57 billion in 10m’23.
However, forex outflows from the economy decreased by 1.4% YoY, falling to $29.84 billion in 10m’24 from $30.29 billion in 10m’23.
Further analysis revealed that inflows from autonomous sources rose by 0.06% YoY to $35.82 billion in 10m’24, up from $34.4 billion in 10m’23. At the same time, outflows from autonomous sources surged by 195% YoY, reaching $7.08 billion in 10m’24 from $2.4 billion in 10m’23.
As a result, net forex inflows from autonomous sources grew by 73% YoY, reaching $39.7 billion in 10m’24, compared to $22.93 billion in 10m’23.
The data also indicated that inflows through the CBN increased by 55% YoY, rising to $32.94 billion in 10m’24, up from $21.25 billion in 10m’23. Conversely, outflows through the CBN decreased by 1.11% to $25.74 billion in 10m’24 from $26.03 billion in 10m’23.
As a result, net forex inflows through the CBN surged by 556.8% YoY, reaching $7.16 billion in 10m’24, compared to -$1.09 billion in 10m’23.
In its October 2024 Economic Report, the CBN noted a decline in month-on-month net foreign exchange inflows, attributed to a decrease in 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.”