Nigeria's foreign exchange inflow drops by 40 percent to $26.32 billion

Further details from the report also revealed a 26% decline when the aggregate foreign exchange inflow into the economy was compared from $63.57 billion recorded within the same period in 2022 to $86.34 billion recorded in 2021.

Data for foreign exchange outflow was also captured and it showed that on a year-on-year basis, the figures dropped by two percent from $37.96 billion in 11m’21 to $37.2 billion during the same period of review in 2022. 

Outflows through the apex financial regulator, CBN, also increased by 2.14 percent from $29.37 billion in 11m’21. to $30 billion in 11m’22. 

The CBN however noted that the net inflows through the institution on a monthly basis increased by 16 percent from $1.74 billion in October 2022 to $2.02 billion in November 2022.

The CBN stated: “Foreign exchange inflow through the Bank increased by 24.3 percent to $2.00 billion, from US$1.61 billion in October, while outflow rose by 8.6 percent to $2.38 billion, from $2.19 billion in October.  

“Similarly, autonomous inflow increased by 15.6 percent to US$3.01 billion, from $2.60 billion in the preceding month, while autonomous outflow also increased to $0.61 billion, from $0.28 billion in October.  

“A net inflow of $2.39 billion was recorded through autonomous sources, compared with $2.32 billion in the preceding month.  

“The CBN recorded a net outflow of $0.38 billion, compared with $0.58 billion in the preceding month.”