Nigeria recorded total foreign exchange inflow of $64.14billion between January and November last year, latest data released by the Central Bank of Nigeria (CBN) has shown. The amount, $23.84 billion or 27.10 per cent, is however lower than the $87.98 billion recorded in the corresponding period of the preceding year. New Telegraph’s analysis of the economic report for November 2022 recently released by the apex bank, as well as its economic reports for earlier periods of last year, indicates that although forex inflow into the economy headed north towards the end of the year, driven by increased inflow through the CBN and autonomous sources, it was below the levels recorded for 2021. For instance, the regulator’s data shows that total forex inflow into the economy in the first nine monthsof 2022stood at$54.92 billion compared with $74.47 billion in the corresponding period of the preceding year
According to the economic report for November 2022, the increase in forex inflow in the later months of last year was due to increased inflow through the CBN and autonomous sources. The report stated: “The economy recorded a higher net foreign exchange inflow, driven majorly, by increased inflow through the bank and autonomous sources. Foreign exchange flow through the economy recorded a net inflow of $2.02 billion, compared with $1.74 billion in the preceding period. “Foreign exchange inflow into the economy increased by 18.9 per cent to $5.01 billion in November 2022, up from $4.21 billion in October 2022. Similarly, foreign exchange outflows rose by 21.2 per cent to $2.99 billion, from $2.47 billion in the preceding month.
“Foreign exchange inflow through the Bank increased by 24.3 per cent to $2.00 billion, from $1.61 billion in October, while outflow rose by 8.6 per cent to $2.38 billion, from $2.19 billion in October. Similarly, autonomous inflow increased by 15.6 per cent to $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.” The report added: “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.” Indeed, further analysis of CBN data shows that the amount of inflow through the CBN and autonomous sources generally impacts forexinflowintotheeconomy. Thus, the economic report for Q3’ 2022 stated that: “The economy recorded a net inflow of $7.29 billion in 2022Q3, compared with $9.25 billion in the preceding quarter. Foreign exchange inflow into the economy decreased by 14.2 per cent to $17.22 billion, from $20.08 billion in the preceding
