Net Foreign Exchange Inflow Increases by 7.3% to $33.9 Billion in 2023 Despite Low Dollar Inflow

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The net foreign exchange (Forex) inflow into the economy saw a 7.3% year-on-year increase, reaching $33.9 billion in 2023 compared to $31.58 billion in 2022. This growth, amid challenges in dollar inflow in the FX market, was fueled by a notable 22.7% decline in net FX outflow from the economy during the year.

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According to data from the Central Bank of Nigeria’s Quarterly Statistical Bulletin for 2023, FX inflow into the economy dropped by 8.9% year-on-year to $65.76 billion in 2023 from $72.19 billion in 2022. Similarly, FX outflow decreased by 22.7% year-on-year to $30.86 billion in 2023 from $39.92 billion in 2022.

Consequently, the net FX inflow witnessed a 7.3% year-on-year growth, amounting to $33.9 billion in 2023 from $31.58 billion in 2022.

Autonomous FX Sources:
Foreign exchange inflow through autonomous sources dipped by 2.5% to $40.2 billion in 2023 from $41.24 billion in 2022. Meanwhile, FX outflow through autonomous sources declined by 41.8% year-on-year to $5.78 billion in 2023 from $9.94 billion in 2022. Consequently, net FX inflow through autonomous sources increased by 9.96% year-on-year to $34.42 billion in 2023 from $31.3 billion in 2022.

CBN Inflow:
Further analysis revealed that foreign exchange inflow through the Central Bank of Nigeria (CBN) decreased by 19.8% to $23.96 billion in 2023 from $29.88 billion in 2022. Additionally, foreign exchange outflow through the apex bank dropped by 16.8% to $26.9 billion in 2023 from $32.35 billion in 2022. Consequently, the CBN recorded a net foreign exchange outflow of $2.94 billion in 2023, marking a 19% rise from the $2.47 billion recorded in 2022.


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