Nigeria’s net forex inflows increased by 70.5 percent year on year (YoY) to $42.06 billion in the first nine months of 2024 (9m’24), from $24.66 billion in the same period in 2023. According to the Central Bank of Nigeria’s (CBN) Quarterly Economic Statistics Report for the review period, foreign inflows to the economy increased by 41 percent YoY to $70.62 billion in 9m’24 from $50.04 billion in 9m’23. Conversely, foreign outflows from the economy increased by 12.3 percent year on year to $28.55 billion in 9m’24 from N25.42 billion in 9m’23.
Further details in the statistics showed that inflows through autonomous sources increased by 0.06 percent YoY to $31.15 billion in 9m’24 from $31.13 billion in 9m’23. Outflows from autonomous sources increased by 215 percent year on year to $6.52 billion on September 24 from $2.07 billion in September 23.
As a result, net currency inflows through autonomous sources increased by 77.9 percent year on year to $35.6 billion on September 24 from $20.01 billion in September 23. The report also showed that inflows through the CBN increased by 50 percent year on year to $28.46 billion in September 24 from $18.97 billion in September 23.
The outflows through the CBN fell by 10% to $22.01 billion in September 24 compared to $24.49 billion in September 23. As a result, net forex inflows through the CBN increased 250 percent year on year to $6.41 billion in September 24 from $1.83 billion in September 23.
However, in its Economic Report for the Third Quarter of 2024 (Q3’34), the CBN reported that net inflows through the economy fell by 2.9% to $14.46 billion from $14.89 billion in Q2’24. CBN stated: “Foreign exchange inflows through the economy increased by 3.01 percent to $22.89 billion from $22.22 billion in Q2’24.”
“Foreign exchange outflows through the economy increased by 15.18% to $8.43 billion, compared to the level in Q2’24. “Consequently, net foreign exchange inflow through the economy decreased by 2.97 per cent to $14.46 billion, from $14.89 billion in the preceding quarter.”
