Business
Nigeria’s net forex inflows up 44% to $41.89bn
Data from the Central Bank of Nigeria (CBN) indicates that the net foreign exchange inflows through the economy increased by 44.8 percent year-on-year to $41.89 billion in the first eleven months of 2024, from $28.92 billion in the corresponding period of 2023.
The data further showed that aggregate forex inflow to the economy rose by 27.5 percent, YoY to $77.16 billion in 11M’24 from $60.54 billion in 11m’23.
Similarly, forex outflows from the economy rose by 11.5 percent YoY to $35.27 billion in 11M’24 from $31.62 billion in 11M’23.
Meanwhile, inflows through autonomous sources rose by 8.2 percent YoY to $41.31 billion in 11M’24 from $38.16 billion in 11M’23.
On the other hand, outflow through autonomous sources rose sharply by 142 percent YoY to $7.44 billion in 11m’24 from $3.07 billion in 11m’23.
Consequently, net forex inflow through autonomous sources fell by 3.4 percent YoY to $33.88 billion in 11M’24 from $35.09 billion in 11M’23.
The data also showed that inflows through CBN rose by 60 percent YoY to $35.85 billion in 11M’24 from $22.38 billion in 11M’23.
But outflows through CBN declined by 2.5 percent to $27.83 billion in 11M’24 from $28.55 billion in 11M’23.
Consequently net forex inflow through the CBN rose 299 per cent, YoY to $8.02 billion in 11M’24 from -$6.17 billion in 11M’23.
However, in its latest monthly economic report, CBN said the economy recorded a decline in net forex inflow in November due to decreased inflows through the Bank.
“The economy recorded a lower net foreign exchange inflow in November 2024, on account of decreased inflow through the Bank,” the bank stated.
“Foreign exchange flows through the economy amounted to a net inflow of $5.95 billion, relative to $4.86 billion in October 2024.
“Aggregate foreign exchange inflow declined to $8.40 billion, from $9.15 billion in the preceding month.
“Similarly, foreign exchange outflow decreased to $2.45 billion, from $4.29 billion in the preceding month.”