By Elizabeth Adegbesan

The net foreign exchange inflow through the economy fell year-on-year (YoY)  by  41 percent to $10.3 billion in the first seven months of the year (7M’23) from $17.5 billion in 7M’22. 

Vanguard analysis of data from the monthly economic report by the Central Bank of Nigeria, CBN showed that forex inflow   into the economy fell by 46 per cent, YoY to $23.34 billion in 7M’23 from $43.1 billion recorded in 7M’22. 

Similarly, forex outflow fell 49 percent YoY to $13.05 billion in 7M’23 from $25.6 billion in 7M’22.  

Autonomous FX sources

Foreign exchange inflow through the autonomous sources fell by 44.5 per cent, YoY to $13.58 billion in 7M ’23 from $24.65 billion in 7M’22.

Forex outflow through the autonomous sources fell by 75 per cent YoY to $1.39 billion in 7M’23 from $5.56 billion in 7M’22. 

Consequently, net forex inflow through autonomous sources fell by 36 per cent YoY to $12.19 billion in 7M’23 from $19.09 billion in 7M’22.

CBN inflow

Further analysis showed that foreign exchange inflow through the CBN fell by 48 per cent to  $9.76 billion in 7M’23 from $18.67 billion in  7M’22.  

Also, foreign exchange outflow through the apex bank fell by 42 per cent to $11.66 billion in 7M’23 from $20.04 billion in 7M’22.

Consequently, the CBN recorded net foreign exchange outflow of   $1.9 billion in 7M’23, representing a 38.6 per cent increase from the $1.37 billion net foreign exchange outflow it recorded in 7M’22.