Newly released data from the Central Bank of Nigeria (CBN)’s Quarterly Economic Report has revealed that Nigeria’s net foreign exchange inflow rose to $17.39 billion in the fourth quarter of 2024.
The increase, according to the report, was largely driven by autonomous sources such as foreign investments, remittances, and export earnings and demonstrates improved liquidity in the forex market.
“The economy recorded a higher net foreign exchange inflow, driven largely by inflow through autonomous sources. Foreign exchange inflow through the economy increased by 20.62 per cent to US$27.81 billion from US$23.06 billion in Q3 2024,” the report read.
Details of the CBN report indicate that the growth was primarily driven by a remarkable 47.55 per cent rise in autonomous inflows, which rose from $11.03 billion in Q3 2024 to $16.27 billion in Q4 2024.
It, however, noted that inflows through the CBN experienced a slight decline, falling by 4.05 per cent to $11.54 billion from $12.03 billion recorded in the previous quarter.
Foreign exchange outflows from the economy also experienced a notable increase, rising by 31.37 per cent to $10.42 billion in Q4 2024, compared to Q3 2024 levels.
The outflows through the CBN rose by 22.98 per cent to $8.99 billion, while those through autonomous sources saw a dramatic 129.59 per cent surge, reaching $1.43 billion, the apex bank said.
“Consequently, net foreign exchange inflow through the economy increased by 14.99 per cent to US$17.39 billion from US$15.13 billion in the preceding quarter. An increase was also recorded in net inflow through autonomous sources to US$14.84 billion from US$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 US$4.72 billion in Q32024,” CBN noted.
