Nigeria’s net foreign exchange inflows rose by 70.5 percent year-on-year (YoY) to $42.06 billion in the first nine months of 2024 (9m’24) from $24.66 billion in the corresponding period of 2023.
Details in the Central Bank of Nigeria, CBN, Quarterly Economic Statistics Report for the review period also show that forex inflow to the economy rose YoY by 41 percent to $70.62 billion in 9m’24 from $50.04 billion in 9m’23.
Conversely, forex outflows from the economy rose by 12.3 percent YoY to $28.55 billion in 9m’24 from N25.42 billion in 9m’23.
Further details in the data showed that inflows through autonomous sources rose by 0.06 percent YoY to $31.15 billion in 9m’24 from $31.13 billion in 9m’23.
Outflow through autonomous sources rose sharply by 215 percent YoY to $6.52 billion in 9m’24 from $2.07 billion in 9m’23.
Consequently, net forex inflow through autonomous sources grew by 77.9 percent YoY to $35.6 billion in 9m’24 from $20.01 billion in 9m’23.
The data also showed that inflows through CBN rose by 50 percent YoY to $28.46 billion in 9m’24 from $18.97 billion in 9m’23.
But outflows through CBN declined by 10 percent to $22.01 billion in 9m’24 from $24.49 billion in 9m’23.
Consequently, net forex inflow through the CBN rose 250 per cent, YoY to $6.41 billion in 9m’24 from $1.83 billion in 9m’23.
However, in its Economic Report for the third quarter of 2024 (Q3’34), CBN said the net inflows through the economy declined by 2.9 per cent to $14.46 billion from $14.89 billion in Q2’24.
CBN stated: “Foreign exchange inflow through the economy increased by 3.01 per cent to $22.89 billion from $22.22 billion in Q2’24.
“Foreign exchange outflow through the economy rose by 15.18 per cent to $8.43 billion, relative to the level in Q2’24.
“Consequently, net foreign exchange inflow through the economy decreased by 2.97 per cent to $14.46 billion, from $14.89 billion in the preceding quarter.”
