Aggregate Forex Inflows into Nigeria Soar 41% to $79.8bn

This information was revealed by the Central Bank of Nigeria (CBN) through its Economic Report for October 2024.

The apex bank disclosed that in the period under consideration, the nation recorded a 1.4 per cent decline in aggregated FX outflows to $29.84 billion from the $30.29 billion posted in the first 10 months of 2023.

As for the net forex inflows, it rose by 65.7 per cent to $46.92 billion from $28.31 billion in the corresponding period of 2023, with inflows from autonomous sources growing by 0.06 per cent to $35.82 billion from $34.4 billion, outflows from autonomous sources expanding by 195 per cent to $7.08 billion from $2.4 billion, and the net forex inflows from autonomous sources jumped by 73 per cent to $39.7 billion from $22.93 billion.

“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 $3.38 billion in the preceding month,” parts of the report said.

It was also revealed that the CBN inflows soared by 55 per cent between January 2024 and October 2024 to $32.94 billion from $21.25 billion in the same period of the previous year, as outflows through the central bank shrank by 1.11 per cent to $25.74 billion from $26.03 billion, leaving the net FX inflow up by 556.8 per cent to $7.16 billion from -$1.09 billion.