Nigeria Got $11.11 Billion Foreign Exchange Inflow in Two Months - CBN

The Central Bank of Nigeria (CBN) has revealed that Nigeria recorded $11.11 billion in aggregate foreign exchange inflow in July and August. 

According to figures obtained from the CBN’s August economic report on foreign exchange flows through the economy, August’s figure rose by 5.8% from July.

The report reads, 

• 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, an increase of 2.9% relative to $2.27 billion in July 2023.

• Aggregate foreign exchange inflow into the economy increased by 5.8% to $5.71 billion in August, compared with $5.40 billion in the preceding month.

According to the report, foreign exchange outflows rose 8.0% to $3.38 billion in the preceding month from $3.13 billion in the prior month.

Foreign exchange inflow through the Bank dropped by 5.9% to $2.44 billion in August 2023 from $2.59 billion in July 2023.

Outflow through the Bank, however, rose by 6.3% to $2.98 billion from $2.80 billion in the preceding month.

Autonomous inflow rose by 16.6% to $3.28 billion, up from $2.80 billion in the previous month.

Autonomous outflow increased by 22.3% to $0.40 billion in August 2023 from $0.32 billion in July 2023.

Net inflow of $2.88 billion was recorded through autonomous sources, compared with $2.48 billion in July 2023.

The CBN recorded a net outflow of $0.55 billion, compared with $0.22 billion in the preceding month.