Net foreign exchange inflows into the economy increased by 18.6% month on month to $4.46 billion in April 2024 from $3.83 billion in March 2024. The gain was driven by a 63.33 percent decrease in forex outflows, which offset a 30.23 percent fall in forex inflows into the economy.
The CBN announced this in its monthly economic report for April 2024, which also highlighted a substantial fall in forex inflows and outflows through the central bank. The CBN stated, “Foreign exchange movements across the economy registered a net inflow of US$4.46 billion, compared to US$3.83 billion in March 2024.
“The aggregate foreign exchange intake into the economy fell by 30.23 percent to $6.44 billion from $9.23 billion the previous month. “Similarly, the foreign exchange outflow fell by 63.33 percent to $1.98 billion, from $5.40 billion the previous month.
“Foreign exchange inflows through the CBN fell 38.53 percent to $2.09 billion from US$3.40 billion in the previous month. Outflows through the Bank plummeted 71.94 percent to $1.40 billion from $4.99 billion the previous month.
“Autonomous inflow decreased by 25.39 percent to US$4.35 billion from $5.83 billion the prior month. However, outflows through autonomous channels climbed by 41.46 percent, reaching $0.58 billion from $0.41 billion in March 2024.
“A net inflow of $3.77 billion was recorded from autonomous sources, compared to $5.42 billion in March 2024.” The CBN reported a net inflow of $0.69 billion, compared to a net outflow of $1.59 billion the previous month.
