Inflows of foreign currency into the Nigerian economy decreased year over year by 40%, from $44.01 billion in the first 11 months of 2021 to $26.32 billion in the first 11 months of 2022 (11m’22).
According to data from the Central Bank of Nigeria, CBN, Monthly Economic Report, total foreign exchange input into the economy decreased by 26% from $86.34 billion in 11m’21 to $63.57 billion in 12m’21. The report also revealed that the year-over-year foreign exchange outflow decreased by 2% to $37.2 billion in 11/22 from $37.96 billion in 11/21.
According to the CBN’s report, net inflows through it increased by 16 percent on a monthly basis from $1.74 billion in October 2022 to $2.02 billion in November 2022.
According to the report, foreign exchange intake through the Bank jumped by 24.3% to $2.00 billion from US$1.61 billion in October while outflow increased by 8.6% to $2.38 billion from $2.19 billion. “A net inflow of $2.39 billion was recorded through autonomous sources, compared with $2.32 billion in the preceding month,” says the report.
“Autonomous inflow increased by 15.6% 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.” The CBN noted a net outflow of funds.