Nigeria Records 20.62% Increase in Foreign Exchange Inflows in Q4 2024
Nigeria’s foreign exchange inflows saw a significant boost in the fourth quarter of 2024, according to the latest Economic Report from the Central Bank of Nigeria (CBN). The report highlights a 20.62% increase in total foreign exchange inflow, which rose to $27.81 billion, up from $23.06 billion in the third quarter of 2024.
A major factor behind this increase was the substantial contribution from autonomous sources, which surged by 47.55% to $16.27 billion, compared to $11.03 billion in the previous quarter. Autonomous sources, which include foreign direct investment (FDI), remittances, and private inflows, have played a significant role in stabilizing the country’s foreign exchange position.
In contrast, foreign exchange inflow through the Central Bank of Nigeria (CBN) saw a slight decline of 4.05%, dropping to $11.54 billion from $12.03 billion in the third quarter. Despite the drop in CBN inflows, the overall increase in foreign exchange inflows reflects positive developments in the nation’s economic landscape.
Foreign Exchange Outflows Rise by 31.37%
While foreign exchange inflows saw a rise, the report also indicated a significant increase in foreign exchange outflows. Total outflows grew by 31.37%, reaching $10.42 billion. Both the CBN and autonomous sources contributed to this rise, with outflows through the CBN amounting to $8.99 billion. Outflows from autonomous sources also saw a sharp increase of 129.59%, reaching $1.43 billion, compared to the previous quarter.
The data underscores the evolving dynamics of Nigeria’s foreign exchange market, highlighting the increasing importance of autonomous sources of inflows, which now contribute a larger share of total foreign exchange receipts.
