Net FX inflows to Nigeria increased by 67.8% to $7.6 billion in the first half of 2024 from $16.44 billion recorded in 2023.
The development is due to a 34.6% yearly rise in net inflows via autonomous sources and a 170% annual increase in FX inflow via the Central Bank of Nigeria (CBN).
Data from the CBN shows that the FX inflow to Nigeriaâs economy increased yearly by 41.6% to $47.73 billion in the first half of 2024 and from $33.7 billion in the corresponding period in 2023.
Also, gross inflows via autonomous sources rose by 47.6% yearly to $31.15 billion in the first half of 2024 from $21.16 billion in the first half of 2023.
According to reports, FX outflows from Nigeria increased by 16.3% yearly to $20.12 billion in the first half of 2024 from $17.3 billion recorded in the same period last year.
Also, outflows via autonomous sources increased by 160.8% yearly to $5.4 billion in the first half of 2024 from $2.07 billion recorded in 2023.
The CBN data shows that the development was due to a 34.6% yearly increase in net inflows via autonomous sources and a 170% increase in net FX inflow via the CBN.
Meanwhile, FX outflows from the economy spiked by 16.3% yearly to $20.12 billion in the first half of 2024 from $17.3 billion recorded in the first half of last year.
Also, outflows via autonomous sources increased drastically by 160.8% yearly to $5.4 billion in the first half of 2024 from $2.07 billion recorded in the first half of 2023.
Net inflows via autonomous sources increased by 34.6% yearly to $25.7 billion in the first half from $19.09 billion in the first half of 2023.
Outflows via the apex bank declined by 15% to $14.7 billion from $17.29 billion in the first half of 2023.
Net inflows through the CBN increased 170% yearly to $1.86 billion in the first half of 2024 from $2.64 billion in the first half of 2023.
BusinessDay reports that International Money Transfer Operators (IMTOs) inflows rose by 47% yearly to $2.33 billion in the first half of 2024 from $1.58 billion in the first half of 2024.
This development comes amid the CBN’s recent measures, which allowed the IMTOs to access naira liquidity at the official window.
CBN disclosed that the measures aim to make the FX markets more efficient and raise remittance flows via formal channels.
This development comes as the Nigerian currency appreciated marginally in the official market on Thursday, October 10, 2024.
The naira increased in value by 0.16% to close at N1,622.77 per dollar, up from the N1,625.13 it traded on October 9, 2024.
TimesNow.com.ng earlier reported that the Nigerian naira depreciated in the official market on Wednesday, October 9, 2024.
Nigerian Autonomous Foreign Exchange Market (NAFEM) Traders quoted the US dollar at N1,625.13 per dollar as against the N1,561.76 it traded on Tuesday, October 8, 2024.
