Net Forex Inflow Soars by 89% to $59.6bn in 2024

by Ajadi Ashraf, Kaduna

Nigeria recorded a significant 89 percent surge in net foreign exchange inflows in 2024, reaching $59.6 billion compared to $31.52 billion in 2023. This boost was largely driven by increased inflows through both autonomous sources and the Central Bank of Nigeria (CBN).

According to the CBN’s quarterly Economic Statistics Report, net forex inflow from autonomous sources rose by 39.7 percent year-on-year (YoY) to $50.5 billion in 2024, up from $36.97 billion in 2023. Meanwhile, net inflow through the CBN jumped by a remarkable 140.6 percent, reaching $9.17 billion, a sharp turnaround from the negative $3.81 billion recorded the previous year.

Overall forex inflows into the Nigerian economy climbed by 49.8 percent YoY to $98.6 billion, up from $65.81 billion in 2023. However, outflows also rose, albeit at a slower pace, increasing by 13.5 percent to $38.95 billion from $34.29 billion.

Autonomous sources contributed significantly, with inflows rising to $58.45 billion, while outflows jumped by 63.9 percent to $7.95 billion. In comparison, CBN inflows hit $40.17 billion—a 67.5 percent increase—while outflows stood at $31 billion, reflecting the apex bank’s continued intervention in the forex market.

On a quarterly basis, the economy recorded a 14.99 percent increase in net forex inflow in Q4 2024, with inflows rising to $27.81 billion from $23.06 billion in Q3. This was spurred by a 47.55 percent rise in autonomous inflows, which reached $16.27 billion. CBN inflows declined slightly to $11.54 billion from $12.03 billion.

Forex outflows in Q4 2024 rose by 31.37 percent to $10.42 billion. Outflows through the CBN increased to $8.99 billion, while autonomous sources recorded $1.43 billion—up by 129.6 percent from the previous quarter.

Net inflow through the CBN during Q4 stood at $2.56 billion, a decline from $4.72 billion in Q3. Meanwhile, net autonomous inflows surged to $14.84 billion from $10.4 billion.

The CBN’s data underscores the growing strength of autonomous forex sources in the economy and reflects policy impacts aimed at stabilizing the market and boosting investor confidence.