Business
THE net foreign exchange (FX) inflows through the economy rose by 65.7 percent year-on-year (YoY) to $46.92 billion in the first ten months of 2024 (10m’24) from $28.31 billion in the corresponding period of 2023.
Data from the Central Bank of Nigeria, CBN, Economic Report for the review period showed that aggregate forex inflow to the economy rose YoY by 41 percent to $79.8 billion in 10m’24 from $55.57 billion in 10m’23.
However, forex outflows from the economy fell by 1.4 percent YoY to $29.84 billion in 10m’24 from N30.29 billion in 10m’23.
Vanguard analysis showed that inflows through autonomous sources rose by 0.06 percent YoY to $35.82 billion in 10m’24 from $34.4 billion in 10m’23. Similarly, outflow through autonomous sources rose sharply by 195 percent 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 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 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.” – vanguard
A.I
Jan. 6, 2024
Tags: Net forex inflows rises 65.7% to $4692bn
