Nigeria’s economy has recorded a significant boost in foreign exchange inflows, with a 67.8% increase to $27.6 billion in the first half of 2024, up from $16.44 billion in 2023, according to data from the Central Bank of Nigeria (CBN).
The growth is attributed to a 34.6% year-on-year increase in net inflows through autonomous sources and a remarkable 170% year-on-year increase in net forex inflow through the CBN.
Total forex inflow to the economy rose by 41.6% to $47.73 billion in the first half of 2024, compared to $33.7 billion in the same period last year. Gross inflows through autonomous sources grew by 47.6% to $31.15 billion, while outflow through autonomous sources increased sharply by 160.8% to $5.4 billion.
The CBN’s performance also showed improvement, with inflows rising by 31.7% to $16.6 billion and outflows declining by 15% to $14.7 billion, resulting in a net forex inflow of $1.86 billion.
International Money Transfer Operators (IMTOs) saw a 47% increase in inflows to $2.33 billion, driven by the CBN’s measures to enhance forex market efficiency and increase remittance flows.
This development indicates a positive trend in Nigeria’s foreign exchange market, driven by the CBN’s efforts to stabilise the economy and attract foreign investment.
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