Net FX inflow increases to $17.39 billion in Q4 2024

• Nigeria’s net foreign exchange inflow increases to $17.39 billion in the fourth quarter of 2024
• The increase was driven by autonomous forex inflows, which rose to $16.27 billion in Q4 2024
• FX outflows rose by 31.37 per cent to $10.42 billion in Q4 2024

Nigeria’s net foreign exchange (FX) inflow increased to $17.39 billion in the fourth quarter (Q4) of 2024.

This was contained in a newly released Central Bank of Nigeria (CBN)’s Quarterly Economic Report, which showed that the net FX inflows were driven by autonomous sources such as international remittances, foreign investments, and export earnings.

According to the report, autonomous FX inflows rose by 47.55 per cent from $11.03 billion in the third quarter (Q3) of 2024 to $16.27 billion in Q4 2024.

The report stated that FX inflows rose by 20.62 per cent from $23.06 billion in Q3 2024 to $27.81 billion in Q4 2024.

“The economy recorded a higher net foreign exchange inflow, driven largely by inflow through autonomous sources.

“Foreign exchange inflow through the economy increased by 20.62 per cent to US$27.81 billion from US$23.06 billion in Q3 2024,” the CBN’s report noted.

FX inflows through the CBN declined in Q4 2024

The report further stated that FX inflows through the CBN dropped by 4.05 per cent from $12.03 billion recorded in Q3 2024 to $11.54 billion in Q4 2024.

The decline in FX inflows through the CBN indicates reduced official forex receipts, which may be due to lower remittances, foreign direct investment (FDI), or official grants.

FX outflows increased in Q4 2024

According to the report, foreign exchange outflows from the Nigerian economy also increased in Q4 2024.

It stated that FX outflows rose by 31.37 per cent to $10.42 billion in Q4 2024, compared to Q3 2024 levels.

The report added that FX outflows through the CBN rose by 22.98 per cent to $8.99 billion, while those through autonomous sources surged by 129.59 per cent to reach $1.43 billion in Q4 2024.

“Consequently, net foreign exchange inflow through the economy increased by 14.99 per cent to US$17.39 billion from US$15.13 billion in the preceding quarter.

“An increase was also recorded in net inflow through autonomous sources to US$14.84 billion from US$10.40 billion in the preceding quarter.

“A net inflow of US$2.56 billion was recorded through the Bank, compared with a net inflow of US$4.72 billion in Q32024,” the CBN noted.

Net FX inflow surges by 245.9% in 1 year

Meanwhile, TheRadar earlier reported that net foreign exchange (FX) inflow into Nigeria soared by 245.9 per cent in one year as of November 2024.

According to data from the Central Bank of Nigeria's (CBN) economic report, FX inflow rose to $5.95 billion as of November 2024 compared to the $1.7 billion recorded in November 2023.