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- Net foreign exchange inflow increased by 89 per cent to $59.6 billion in 2024
- The net FX inflow in 2024 was driven by autonomous sources and the Central Bank of Nigeria
- Nigeria’s foreign exchange inflow rose by 20.62 per cent in the fourth quarter of 2024
The net foreign exchange (FX) inflows through the economy increased by 89 per cent from $31.52 billion in 2023 to $59.6 billion in 2024.
According to the Quarterly Economic Statistics Report of the Central Bank of Nigeria (CBN), FX inflow to the economy increased year-on-year by 49.8 per cent to $98.6 billion in 2024 from the $65.81 billion recorded in 2023.
On the other hand, FX outflow from the economy rose by 13.5 per cent year-on-year from N34.29 billion in 2023 to $38.95 billion in 2024.
Net FX inflow in 2024 driven by autonomous sources, CBN
The report further showed that the increase in net FX inflow in 2024 was driven by a 39.7 per cent year-on-year increase in net FX inflow through autonomous sources and a 67.5 per cent year-on-year increase in net FX inflow through the CBN.
According to the data, inflows through autonomous sources rose by 39.7 per cent year-on-year from $41.83 billion in 2023 to $58.45 billion in 2024.
Outflow through autonomous sources increased by 63.9 per cent year-on-year from $4.85 billion in 2023 to $7.95 billion in 2024.
Consequently, net FX inflow through autonomous sources increased by 36.5 per cent year-on-year from the $36.97 billion recorded in 2023 to $50.5 billion in 2024.
The data also showed that inflows through the CBN increased by 67.5 per cent year-on-year from $23.98 billion in 2023 to $40.17 billion in 2024.
Outflows through CBN rose by 5.3 per cent from $29.44 billion in 2023 to $31 billion in 2024, indicating the CBN’s continuous intervention in the FX market.
As a result, net FX inflow through the CBN increased by 140.6 per cent year-on-year from -$3.81 billion in 2023 to $9.17 billion in 2024.
FX inflow rose by 20.62% in Q4 2024
In its fourth quarter (Q4) economic report, the CBN stated that FX inflow through the economy increased by 20.62 per cent from $23.06 billion in the third quarter (Q3) of 2024 to $27.81 billion in Q4 2024.
It added that net FX inflow through the economy saw a 14.99 per cent quarter-on-quarter increase in the Q4 2024, from $15.13 billion in Q3 of 2024 to $17.39 billion.
It said the net inflow was driven by increased inflows through autonomous sources.
“Foreign exchange inflow through the economy increased by 20.62 per cent to $27.81 billion from $23.06 billion in Q3’24.
“Inflows through the Bank decreased by 4.05 per cent to $11.54 billion from $12.03 billion, while autonomous sources rose by 47.55 per cent to $16.27 billion from $11.03 billion in the preceding quarter.
“Foreign exchange outflow through the economy rose by 31.37 per cent to $10.42 billion, relative to the level in Q32024.
“Outflows through the Bank and autonomous sources at $8.99 billion and $1.43 billion, increased by 22.98 per cent and 129.59 per cent over the respective levels in the preceding quarter.
“Consequently, net foreign exchange inflow through the economy increased by 14.99 per cent to $17.39 billion from $15.13 billion in the preceding quarter.
“An increase was also recorded in net inflow through autonomous sources to $14.84 billion from $10.40 billion in the preceding quarter.
“A net inflow of $2.56 billion was recorded through the Bank, compared with a net inflow of $4.72 billion in Q3’24,” the CBN stated.
Net FX inflow surges by 245.9% in 1 year
Meanwhile, TheRadar earlier reported that net foreign exchange (FX) inflow into Nigeria soared by 245.9 per cent in one year as of November 2024.
According to data from the Central Bank of Nigeria's (CBN) economic report, FX inflow rose to $5.95 billion as of November 2024 compared to the $1.7 billion recorded in November 2023.
