Inflows of foreign currency into the Nigerian economy decreased year over year by 40%, from $44.01 billion in the first 11 months of 2021 to $26.32 billion in the first 11 months of 2022 (11m’22).
Statistics from the Central Bank of Nigeria, CBN, Monthly
Economic Report indicated that overall foreign exchange intake into the economy
was $63.57 billion, reflecting a 26 percent fall compared with $86.34 billion
in 11m’21.
The information also revealed that foreign exchange outflow
YoY decreased by 2% to $37.2 billion in 11/22 from $37.96 billion in 11/21, a
decrease of 2%.
Outflows through the CBN increased by 2.14 percent to $30
billion in November of 22 from $29.37 billion in November of 22.
In the report the CBN noted that on a monthly basis, net
inflows through it rose by 16 percent to $2.02 billion in November 2022, from
$1.74 billion in October 2022.
It stated: “Foreign exchange inflow through the Bank
increased by 24.3 per cent to $2.00 billion, from US$1.61 billion in October,
while outflow rose by 8.6 per cent to $2.38 billion, from $2.19 billion in
October.
“Similarly, autonomous inflow increased by 15.6 per cent to
US$3.01 billion, from $2.60 billion in the preceding month, while autonomous
outflow also increased to $0.61 billion, from $0.28 billion in October.
“A net inflow of $2.39 billion was recorded through
autonomous sources, compared with $2.32 billion in the preceding month.
“The CBN recorded a net outflow of $0.38 billion, compared
with $0.58 billion in the preceding month.”