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By Daniel Adaji
Nigeria recorded a surge in her net foreign exchange inflow, reaching $17.39bn in the fourth quarter of 2024. This increase was largely fueled by autonomous sources such as foreign investments, remittances, and export earnings.
The latest Quarterly Economic Report from the Central Bank of Nigeria (CBN) highlights the improvement in forex liquidity.
“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 report read in part.
A key factor in this growth was a 47.55 per cent increase in autonomous inflows, which rose from $11.03bn in the third quarter to $16.27bn in the fourth quarter of 2024, as noted by the CBN.
Meanwhile, foreign exchange inflows through the CBN saw a minor drop of 4.05 per cent, falling from $12.03bn in the previous quarter to $11.54bn. This reduction suggests a decrease in official forex receipts, possibly due to lower remittances, foreign direct investment, or official grants.
Foreign exchange outflows also saw a substantial rise, increasing by 31.37 per cent to $10.42bn in Q4 2024 compared to the previous quarter.
CBN data showed that outflows through the apex bank rose by 22.98 per cent to $8.99bn, while autonomous sources recorded a sharp 129.59 per cent jump, reaching $1.43bn.
“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 Q3 2024,” CBN stated.