According to the Central Bank of Nigeria, the country’s aggregate foreign exchange inflow hit a staggering $11.11 billion in the months of July and August. This marks a significant increase, as revealed by the latest figures obtained from the CBN’s August economic report on foreign exchange flows through the economy.
The report unveiled that August’s figure rose by 5.8% from July, showcasing a robust and continuous upward trajectory in forex inflow.
Highlighting this remarkable surge, the report stated, “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 $2.33 billion, marking a 2.9% increase relative to the $2.27 billion in July 2023.”
Furthermore, the report detailed that aggregate foreign exchange inflow into the economy escalated by 5.8% to $5.71 billion in August, compared to the $5.40 billion in the preceding month.
However, amidst this surge, the report also noted an 8.0% rise in foreign exchange outflows to $3.38 billion in August from $3.13 billion in the previous month.
Delving deeper into the specifics, the report elaborated that foreign exchange inflow through the Bank saw a 5.9% decline to $2.44 billion in August 2023, from $2.59 billion in July 2023. Conversely, outflow through the Bank rose by 6.3% to $2.98 billion from $2.80 billion in the preceding month.
The report emphasized that autonomous inflow experienced a significant 16.6% surge to $3.28 billion, up from $2.80 billion in the previous month. Similarly, autonomous outflow increased by 22.3% to $0.40 billion in August 2023 from $0.32 billion in July 2023.
Conclusively, the report highlighted a net inflow of $2.88 billion through autonomous sources, compared with the $2.48 billion in July 2023. However, the CBN recorded a net outflow of $0.55 billion compared with the $0.22 billion in the preceding month.
