Net forex inflow rises to $27.6bn in H1 2024 – CBN
Net foreign exchange inflows into Nigeria’s economy surged by 67.8% to $27.6 billion in the first half of 2024, compared to $16.44 billion in the same period of 2023, according to data from the Central Bank of Nigeria (CBN).
This increase is attributed to a 34.6% year-on-year (YoY) rise in net inflows from autonomous sources and a significant 170% YoY growth in net forex inflow through the CBN itself.
Total forex inflow to the economy grew by 41.6% YoY to $47.73 billion in H1 2024, up from $33.7 billion in H1 2023. Autonomous source inflows saw a notable increase of 47.6% YoY, reaching $31.15 billion in H1 2024, compared to $21.16 billion in H1 2023.
However, the period also saw a 16.3% YoY rise in forex outflows, which amounted to $20.12 billion in H1 2024, up from $17.3 billion in H1 2023. Outflows through autonomous sources increased sharply by 160.8% YoY, reaching $5.4 billion in H1 2024, up from $2.07 billion in the same period the previous year.
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Net forex inflow through autonomous sources grew by 34.6% YoY, totaling $25.7 billion in H1 2024, compared to $19.09 billion in H1 2023. Similarly, inflows through the CBN rose by 31.7% YoY to $16.6 billion in H1 2024, up from $12.6 billion in H1 2023.
Notably, CBN outflows declined by 15% to $14.7 billion, compared to $17.29 billion in the first half of 2023. This led to a net forex inflow through the CBN of $1.86 billion, a significant increase from a deficit of -$2.65 billion in H1 2023.
Inflows from International Money Transfer Operators (IMTOs) also saw an uptick, growing by 47% YoY to $2.33 billion in H1 2024 from $1.58 billion in the previous year.
The CBN attributes this growth to new measures that allow IMTOs access to naira liquidity at the official window, aimed at boosting remittance flows through formal channels and improving forex market efficiency.
