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Nigeria experienced a substantial surge in foreign exchange (forex) inflow, reaching an aggregate of $11.11 billion in the months of July and August, as revealed by data obtained from the Central Bank of Nigeria (CBN).
According to the CBN’s August economic report on forex flows within the economy, the figure for August witnessed a significant increase of 5.8% compared to July’s numbers.
The report highlighted, “The economy recorded a higher net foreign exchange inflow in August 2023, primarily driven 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 reported in July 2023.”
Furthermore, the aggregate forex inflow into the economy saw a notable rise of 5.8%, reaching $5.71 billion in August, compared to the preceding month’s figure of $5.40 billion.
On the flip side, foreign exchange outflows also experienced an increase of 8.0%, totaling $3.38 billion in August, up from $3.13 billion in the previous month.
The report indicated that forex inflow through the Bank declined by 5.9%, registering $2.44 billion in August 2023, compared to $2.59 billion in July 2023.
This surge in forex inflow signals positive economic activity and increased foreign exchange transactions within the specified period. The CBN continues to monitor and report on forex movements to ensure a stable economic environment.
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