Net Forex Inflows Hit $5.15bn In Two Months

The net foreign exchange inflows through the economy rose year-on-year (YoY) by 22 percent to $5.15 billion in the first two months of 2023 (2m’23) from $4.22 billion in the corresponding period of 2022.

Data from the Central Bank of Nigeria, CBN, Monthly Economic Report for February 2023 show aggregate forex inflow rose YoY by 1.7 percent to $10.94 billion in 2m’23 from $10.75 billion in 2m’22.

However, the positive net position was boosted by a significant drop in total outflows YoY by 11 percent to $5.79 billion in 2m’23 from N6.53 billion in 2m’22.

The data also showed that inflows through CBN rose YoY by 1.4 percent to $4.37 billion in 2m’23 from $4.31 billion in 2m’22.

However, outflows through CBN declined by 2.6 percent to $4.76 billion in 2m’23 from $4.89 billion in 2m’22.

According to the apex bank, net foreign exchange inflow through the economy increased month-on-month (MoM) by 5.2 percent to $2.64 billion in February from $2.51 billion in January 2023 due to increased inflow through CBN.

CBN said: “Foreign exchange flow through the economy recorded a net inflow of $2.64 billion in February, compared with $2.51 billion in the preceding period.

“Aggregate foreign exchange inflow into the economy increased by 7.2 per cent to $5.66 billion in February, from $5.28 billion in the preceding month.

“Similarly, foreign exchange outflows rose by 9.0 per cent to $3.02 billion in February, from $2.77 billion in the previous month.

“Foreign exchange inflow through the bank increased by 37.7 per cent to $2.53 billion, from $1.84 billion in January. Outflow through the bank rose by 7.0 per cent to $2.46 billion from $2.30 billion in January.
“In contrast, autonomous inflow decreased by 9.1 per cent to $3.12 billion, from $3.44 billion in the previous month, while autonomous outflow increased to $0.56 billion from $0.47 billion in January.
“A net inflow of $2.56 billion was recorded through autonomous sources, compared with $2.97 billion in January.

“CBN recorded a net inflow of $0.075 billion, compared with a net outflow of $0.46 billion in the preceding month.”