Net Foreign Exchange inflow rises 4% to $24.1 billion in 9 months

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Net Foreign Exchange inflow rises 4% to $24.1 billion in 9 months

In the first nine months of 2023, the Nigerian Net Foreign exchange inflow into the Nigerian Economy has risen by 4% from $23.19 billion in 2022 to $24.11 Billion.

The marginal increase in Net Foreign Exchange Inflow follows a 69% increase in the Net Foreign Exchange (FX) outflow through the Central Bank of Nigeria (CBN) in the 9 months of 2023 which cancelled the 14% increase in Net Foreign exchange inflows from autonomous sources in that period.

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The analysis of the data from the CBN’s Quarterly Economic Report from the nine months of 2023 shows that the FX inflow into the economy fell by 9.6% year-on-year to $49.61 billion in 9 months of 2023 from $54.92 billion in the 9 months of 2022.

As in the case of the FX outflows, it fell 19.6% year-on-year from $31.74 billion in 9 months of 2022 to $25.5 billion in the 9 months of 2023. So, the net foreign exchange inflows grew by 4% year on year from $23.19 billion in 2022 to $24.11 billion in 2023.

Foreign Exchange flows from autonomous sources

The Foreign exchange (FX) inflows from autonomous sources fell 3.2 % to $30.73 billion in Nine months of 2023 from $31.24 billion in nine months of 2022 and the outflows through autonomous sources fell by 56% year-on-year from $7.08 in 9 months, 2022 to $3.08 billion in 9 months, 2023.

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The Net Foreign Exchange inflows from autonomous sources therefore grew by 14% from $24.16 billion in 2022 to $27.65 in the nine months, of 2023.

CBN Foreign Exchange Flows

As shown by further analysis, the foreign exchange inflows to CBN fell by 18% to $19.48 billion in 9 months, of 2023 from $23.68 in the 9 months, of 2022.

In the same vein, the foreign exchange outflows through the Central Bank of Nigeria (CBN) fell by 12% from $25.42 billion in 9 months, of 2022 to $22.43 billion in 9 months 2023.

Subsequently, The Central Bank of Nigeria recorded a 65.9% rise in the net foreign exchange outflows from $1.74 billion in 2022 to $2.95 billion in 2023.

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