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Nigeria’s Forex Inflows Surge 65.7% YoY to $46.92 Billion in 2024
- Nigeria’s forex inflows rose 41% YoY to $79.8B in 2024, with strong growth in autonomous and CBN sources.
- Net inflows via autonomous sources grew 73%, while CBN’s net inflows surged 556.8%.
- Forex outflows fell slightly by 1.4% YoY to $29.84B.
EKO HOT BLOG reports thatAccording to data from the Central Bank of Nigeria’s (CBN) Economic Report for the review period, total forex inflows for the economy increased by 41% YoY, reaching $79.8 billion in 10m’24, up from $55.57 billion in 10m’23.
Meanwhile, forex outflows decreased by 1.4% YoY to $29.84 billion in 10m’24, compared to $30.29 billion in the same period in 2023.
An analysis by Vanguard revealed that inflows from autonomous sources rose by 0.06% YoY to $35.82 billion in 10m’24, from $34.4 billion in 10m’23. However, outflows from these sources saw a sharp 195% YoY increase, reaching $7.08 billion in 10m’24, up from $2.4 billion in 10m’23. As a result, net forex inflows through autonomous sources grew by 73% YoY to $39.7 billion in 10m’24, from $22.93 billion in 10m’23.
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Additionally, inflows through the CBN rose by 55% YoY to $32.94 billion in 10m’24, from $21.25 billion in 10m’23. Forex outflows through the CBN, however, declined by 1.11% YoY to $25.74 billion in 10m’24, down from $26.03 billion in 10m’23. Consequently, net forex inflows through the CBN skyrocketed by 556.8% YoY to $7.16 billion in 10m’24, reversing a deficit of -$1.09 billion in 10m’23.
In its October 2024 Economic Report, the CBN noted a decrease in the month-on-month net foreign exchange inflow, primarily due to a reduction in inflows through the bank. Total foreign exchange flows in October amounted to a net inflow of $4.86 billion, down from $6.35 billion in September 2024.
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Aggregate forex inflow increased to $9.15 billion in October, up from $8.59 billion the previous month. Conversely, foreign exchange outflows also rose to $4.29 billion, compared to $2.24 billion in September. Inflows through the bank declined to $4.48 billion, down from $5.22 billion, while autonomous inflows increased to $4.67 billion from $3.37 billion. Outflows through the bank rose to $3.73 billion from $1.84 billion, while autonomous outflows increased to $0.56 billion from $0.40 billion in September 2024.
As a result, the net inflow from autonomous sources was $4.11 billion in October, compared to $2.97 billion in September 2024. The bank recorded a net inflow of $0.75 billion, down from $3.38 billion in the previous month.
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