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.

Foreign exchange (FX) inflows into Nigeria’s economy surged by 65.7% year-on-year (YoY) to $46.92 billion in the first ten months of 2024 (10m’24), compared to $28.31 billion in the same period of 2023.

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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