*The Central Bank of Nigeria’s Economic Report for the first 10 months of 2024 has indicated an increase of 65.7 percent year-on-year, resulting from $28.31 billion recorded in the corresponding period of 2023

Isola Moses | 绿帽献妻

The Central Bank of Nigeria鈥檚 (CBN) data has indicated the net Foreign Exchange (Forex) inflows through the West African country’s economy increased by 65.7 percent year-on-year (YoY) to $46.92 billion in the first 10 months of 2024 (10m 鈥�24).

The CBN鈥檚 Economic Report for the review period showed that the rise was from $28.31 billion in the corresponding period of 2023.

According to the report, aggregate Forex inflow to the economy rose YoY by 41 percent to $79.8 billion in 10m鈥�24 from $55.57 billion in 10m鈥�23.

However, Forex outflows from the economy fell by 1.4 percent YoY to $29.84 billion in 10m 鈥�24 from N30.29 billion in 10m 鈥�23.

Further analysis indicated that inflows through autonomous sources rose by 0.06 percent YoY to $35.82 billion in 10m 鈥�24 from $34.4 billion in 10m 鈥�23. Likewise, outflow through autonomous sources rose sharply by 195 percent YoY to $7.08 billion in 10m 鈥�24 from $2.4 billion in 10m 鈥�23.

Consequently, net Forex inflow through autonomous sources rose by 73 percent YoY to $39.7 billion in 10m鈥�24 from $22.93 billion in 10m鈥�23.

The data as well reflected the inflows through CBN increased by 55 percent YoY to $32.94 billion in 10m鈥�24 from $21.25 billion in 10m鈥�23.

However, outflows through CBN declined by 1.11 percent to $25.74 billion in 10m鈥�24 from $26.03 billion in 10m鈥�23, noted the report.

Consequently, net Forex inflow through the CBN rose by 556.8 percent, YoY to聽 $7.16 billion in 10m鈥�24 from -$1.09 billion in 10m鈥�23.

In its October 2024 Economic Report, the Bankers’ Bank also stated the Nigerian economy recorded a lower month-on-month net foreign exchange inflow, on account of decreased inflow through the Bank.

It stated: 鈥淔oreign Exchange flows through the economy amounted to a net inflow of $4.86 billion, relative to $6.35 billion in September 2024.

鈥淎ggregate foreign exchange inflow increased to $9.15 billion, from $8.59 billion in the preceding month.”

The Bank noted: 鈥淪imilarly, foreign exchange outflow increased to $4.29 billion, from $2.24 billion in the preceding month.

鈥淔oreign 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.”

The CBN said: “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.

鈥淐onsequently, 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 US$3.38 billion in the preceding month.鈥�

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