Net foreign exchange inflows increased from $16.44 billion in 2023 to $27.6 billion in the first half of 2024, a 67.8% increase.
This occurred due to a 170% YoY rise in net foreign exchange inflows through the Central Bank of Nigeria and a 34.6% YoY increase in net inflows through autonomous sources.
According to data from the CBN’s quarterly Economic Statistics, the amount of foreign exchange input into the economy increased year over year by 41.6%, from $33.7 billion in H1’23 to $47.73 billion in H1’24. Additionally, gross inflows from autonomous sources increased from $21.16 billion in H1’23 to $31.15 billion in H1’24, a YoY growth of 47.6%.
Nonetheless, the economy’s FX outflows increased 16.3% YoY to $20.12 billion in H1’24 from $17.3 billion in H1’23.
Likewise, outflow from autonomous sources increased dramatically from $2.07 billion in H1’23 to $5.4 billion in H1’24, a 160.8% YoY increase.
Consequently, from $19.09 billion in H1’23 to $25.7 billion in H1’24, the net foreign exchange inflow through independent sources increased 34.6% YoY.
Additionally, the data revealed that inflows through CBN increased from $12.6 billion in H1’23 to $16.6 billion in H1’24, a YoY growth of 31.7%.
However, outflows through CBN decreased from $17.29 billion in H1’23 to $14.7 billion in H1’24, a 15% decrease.
As a result, the CBN’s net foreign exchange inflow increased 170% YoY to $1.86 billion in H1’24 from -$2.65 billion in H1’23.
International Money Transfer Operators (IMTOs) had a 47% YoY increase in inflows, from $1.58 billion in H1’23 to $2.33 billion in H1’24. This followed recent actions by the CBN that allowed qualified IMTOs to obtain naira liquidity through the official window.
According to the CBN, the actions are intended to boost remittance flows via official channels and improve the efficiency of the foreign exchange markets.
