Net foreign exchange (FX) inflow into the economy rose by four per cent, year-on-year, YoY to $24.11 billion in the first nine months of 2023, 9m’23 from $23.19 billion in the corresponding period in 2022.
The marginal increase in net forex inflow follows a 69 percent increase in Net Foreign Exchange outflow through the Central Bank of Nigeria, CBN in the 9m’23 which cancelled the 14 per cent increase in Net Foreign Exchange inflow through autonomous sources during the period.
Analysis of data from the CBN’s Quarterly Economic Report for the 9m’23 showed that FX inflow into the economy fell by 9.6 per cent, YoY to $49.61 billion in 9m’23 from $54.92 billion recorded in 9m’22.
Similarly, FX outflow fell 19.6 percent YoY to $25.5 billion in 9m’23 from $31.74 billion in 9m’22.
As a result, net FX inflow grew by 4.0 per cent, YoY, to $24.11 billion in 9m’23 from $23.19 billion in the corresponding period in 2022.
Autonomous FX sources
Foreign exchange inflow through autonomous sources fell 3.2 per cent to $30.73 billion in 9m’23 from $31.24 billion in 9m’22.
FX outflow through the autonomous sources fell by 56 per cent YoY to $3.08 billion in 9m’23 from $7.08 billion in 9m’22.
Consequently, net FX inflow through autonomous sources increased by 14 per cent YoY to $27.65 billion in 9m’23 from $24.16 billion in 9m’22.
CBN FX flows
Further analysis showed that foreign exchange inflow through the CBN fell by 18 per cent to $19.48 billion in 9m’23 from $23.68 billion in 9m’22.
Also, foreign exchange outflow through the apex bank fell by 12 per cent to $22.43 billion in 9m’23 from $25.42 billion in 9m’22.
Consequently, the CBN recorded net foreign exchange outflow of $2.95 billion in 9m’23, representing a 69.5 per cent rise from the $1.74 billion net forex outflow recorded by the apex bank in 9m’22.
