The net foreign exchange inflows into Nigeria's economy experienced a remarkable increase of 67.8 percent, reaching $27.6 billion in the first half of 2024, compared to $16.44 billion during the same period in 2023.
This surge can be attributed primarily to a 34.6 percent year-on-year rise in net forex inflows from autonomous sources, alongside a staggering 170 percent increase in inflows facilitated by the Central Bank of Nigeria (CBN).
According to the CBN's quarterly Economic Statistics, total forex inflows for the first half of 2024 amounted to $47.73 billion, marking a 41.6 percent increase from $33.7 billion in the previous year. In parallel, forex outflows also rose by 16.3 percent year-on-year, totaling $20.12 billion in H1 2024, up from $17.3 billion in H1 2023.
Further analysis revealed that autonomous inflows alone grew by 47.6 percent year-on-year to $31.15 billion, compared to $21.16 billion in H1 2023. However, outflows through these autonomous channels escalated sharply by 160.8 percent, reaching $5.4 billion from $2.07 billion in the previous year.
The data indicated that net forex inflow through autonomous sources increased by 34.6 percent to $25.7 billion in H1 2024 from $19.09 billion in H1 2023.
Additionally, inflows via the CBN rose by 31.7 percent year-on-year to $16.6 billion, up from $12.6 billion a year earlier, while outflows through the CBN saw a decline of 15 percent to $14.7 billion from $17.29 billion.
The CBN reported that net forex inflow through its channels surged by an impressive 170 percent year-on-year, compared to a negative flow of $2.65 billion during the same period last year.
