By Elizabeth Adegbesan
The net foreign exchange inflows through the economy rose by 89 percent to $59.6 billion in 2024 from $31.52 billion in 2023.
This development was driven by 39.7 percent, Year-on-Year, YoY increase in net forex inflow through autonomous sources and 67.5 per cent, YoY increase in net forex inflow through the Central Bank of Nigeria, CBN.
Data from the CBN, quarterly Economic Statistics Report for the review period showed that forex inflow to the economy rose YoY by 49.8 percent to $98.6 billion in 2024 from $65.81 billion in 2023.
Similarly, forex outflows from the economy rose by 13.5 percent YoY to $38.95 billion in 2024 from N34.29 billion in 2023.
Further analysis showed that inflows through autonomous sources rose by 39.7 percent YoY to $58.45 billion in 2024 from $41.83 billion in 2023.
Similarly, outflow through autonomous sources rose sharply by 63.9 percent YoY to $7.95 billion in 2024 from $4.85 billion in 2023.
Consequently, net forex inflow through autonomous sources increased by 36.5 percent YoY to $50.5 billion in 2024 from $36.97 billion in 2023.
The data also showed that inflows through CBN rose by 67.5 percent YoY to $40.17 billion in 2024 from $23.98 billion in 2023.
Outflows through CBN shot up by 5.3 percent to $31 billion in 2024 from $29.44 billion in 2023, reflecting the apex banks’ continuous intervention in the forex market.
Consequently net forex inflow through the CBN rose 140.6 per cent, YoY to $9.17 billion in 2024 from -$3.81 billion in 2023.
According to the CBN, the economy recorded 14.99 per cent, quarter-on-quarter, QoQ increase in the fourth quarter of 2024, driven by increased inflows through autonomous sources.
The CBN disclosed this in its fourth quarter economic report, which stated: “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 US$2.56 billion was recorded through the Bank, compared with a net inflow of $4.72 billion in Q3’24.”
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