Figures from the Central Bank of Nigeria showed that in July and August, Nigeria received $11.11 billion in total foreign currency inflow. Data on foreign currency flows through the economy from the CBN’s August economic report show that August’s total increased by 5.8% over July.
The report said, “The economy recorded a higher net foreign exchange inflow in August 2023, driven, mainly, by increased inflow from autonomous sources. Foreign exchange flows through the economy recorded a net inflow of $2.33bn, an increase of 2.9 per cent, relative to the $2.27bn in July 2023. ‘Aggregate foreign exchange inflow into the economy increased by 5.8 per cent to $5.71bn in August, compared with the $5.40bn, in the preceding month.”
The data states that foreign exchange outflows increased from $3.13 billion in July to $3.38 billion in August, an increase of 8.0%. The report further said that from $2.59 billion in July 2023 to $2.44 billion in August 2023, the Bank’s inflow of foreign exchange decreased by 5.9%. However, outflows through the Bank increased to $2.98 billion from $2.80 billion the month before, a 6.3% increase. From $2.80 billion in the prior month to $3.28 billion this month, autonomous inflow increased by 16.6%.
Likewise, autonomous outflow rose from $0.32 billion in July 2023 to $0.40 billion in August 2023, a 22.3% rise. Using independent sources, a net inflow of $2.88 billion was reported, up from $2.48 billion in July 2023. The CBN reported a $0.55 billion net outflow as opposed to the $0.22bn in the preceding month.
