Data from the CBN’s quarterly Economic Statistics showed that foreign exchange inflows into Nigeria surged by 67.8% in the first six months of 2024, reaching $27.6 billion. This marks a substantial increase from the $16.44 billion recorded in 2023.
The significant growth in foreign exchange inflows into Nigeria is primarily driven by a 34.6% year-on-year increase in net inflows through autonomous sources and a remarkable 170% year-on-year increase in net forex inflow through the Central Bank of Nigeria.
In total, forex inflows to the Nigerian economy rose by 41.6% to $47.73 billion in the first half of 2024, compared to $33.7 billion in the same period last year. Gross inflows through autonomous sources grew by 47.6% to $31.15 billion, while outflow through autonomous sources increased sharply by 160.8% to $5.4 billion.
Net forex inflow through autonomous sources increased by 34.6% year-on-year to $25.7 billion in the first half of 2024, up from $19.09 billion in the same period in 2023. Additionally, inflows through the Central Bank of Nigeria grew by 31.7% year-on-year to $16.6 billion in the first half of 2024, compared to $12.6 billion in the first half of 2023. However, outflows through the Central Bank of Nigeria declined by 15% to $14.7 billion in the first half of 2024 from $17.29 billion in the first half of 2023.
The net forex inflow through the Central Bank of Nigeria increased by a significant 170% year-on-year to $1.86 billion in the first half of 2024, up from -$2.65 billion in the same period in 2023.
International Money Transfer Operators (IMTOs) also saw a notable increase of 47% year-on-year to $2.33 billion in the first half of 2024, compared to $1.58 billion in the first half of 2023. This growth was driven by the Central Bank of Nigeria’s measures to enhance forex market efficiency and increase remittance flows. This development indicates a positive trend in Nigeria’s foreign exchange market, driven by the Central Bank of Nigeria’s efforts to stabilize the economy and attract foreign investment.
The CBN stated that these measures are designed to enhance the functioning of the foreign exchange markets and facilitate increased remittance flows through official channels.
