The net foreign exchange i nflows through the economy rose by 44.8 percent year-on-year (YoY) to $41.89 billion in the first eleven months of 2024 (11m’24) from $28.92 billion in the corresponding period of 2023.
Vanguard analysis of data from monthly economic reports of the Central Bank of Nigeria, CBN, showed that aggregate forex inflow to the economy rose by 27.5 percent, YoY to $77.16 billion in 11M’24 from $60.54 billion in 11m’23.
Similarly, forex outflows from the economy rose by 11.5 percent YoY to $35.27 billion in 11M’24 from $31.62 billion in 11M’23.
Vanguard analysis showed that inflows through autonomous sources rose by 8.2 percent YoY to $41.31 billion in 11M’24 from $38.16 billion in 11M’23.
Similarly, outflow through autonomous sources rose sharply by 142 percent YoY to $7.44 billion in 11m’24 from $3.07 billion in 11m’23.
Consequently, net forex inflow through autonomous sources fell by 3.4 percent YoY to $33.88 billion in 11M’24 from $35.09 billion in 11M’23.
The data also showed that inflows through CBN rose by 60 percent YoY to $35.85 billion in 11M’24 from $22.38 billion in 11M’23.
But outflows through CBN declined by 2.5 percent to $27.83 billion in 11M’24 from $28.55 billion in 11M’23.
Consequently net forex inflow through the CBN rose 299 per cent, YoY to $8.02 billion in 11M’24 from -$6.17 billion in 11M’23.
However, in its latest monthly economic report, CBN said the economy recorded a decline in net forex inflow in November due to decreased inflows through the Bank.
CBN stated: “The economy recorded a lower net foreign exchange inflow in November 2024, on account of decreased inflow through the Bank.
“Foreign exchange flows through the economy amounted to a net inflow of $5.95 billion, relative to $4.86 billion in October 2024.
“Aggregate foreign exchange inflow declined to $8.40 billion, from $9.15 billion in the preceding month.
“Similarly, foreign exchange outflow decreased to $2.45 billion, from $4.29 billion in the preceding month.”