x

Forex Inflows Surge 22% to $5.15bn in 2 months

The net foreign exchange inflows through the economy rose year-on-year (YoY) by 22 percent to $5.15 billion in the first two months of 2023 (2m’23) from $4.22 billion in the corresponding period of 2022.
Data from the Central Bank of Nigeria, CBN, Monthly Economic Report for February 2023 show aggregate forex inflow rose YoY by 1.7 percent to $10.94 billion in 2m’23 from $10.75 billion in 2m’22.

However, the positive net position was boosted by a significant drop in total outflows YoY by 11 percent to $5.79 billion in 2m’23 from N6.53 billion in 2m’22.

The data also showed that inflows through CBN rose YoY by 1.4 percent to $4.37 billion in 2m’23 from $4.31 billion in 2m’22.

However, outflows through CBN declined by 2.6 percent to $4.76 billion in 2m’23 from $4.89 billion in 2m’22.

According to the apex bank, net foreign exchange inflow through the economy increased month-on-month (MoM) by 5.2 percent to $2.64 billion in February from $2.51 billion in January 2023 due to increased inflow through CBN.

CBN said: “Foreign exchange flow through the economy recorded a net inflow of $2.64 billion in February, compared with $2.51 billion in the preceding period.

“Aggregate foreign exchange inflow into the economy increased by 7.2 per cent to $5.66 billion in February, from $5.28 billion in the preceding month.

“Similarly, foreign exchange outflows rose by 9.0 per cent to $3.02 billion in February, from $2.77 billion in the previous month.

“Foreign exchange inflow through the bank increased by 37.7 per cent to $2.53 billion, from $1.84 billion in January. Outflow through the bank rose by 7.0 per cent to $2.46 billion from $2.30 billion in January.
“In contrast, autonomous inflow decreased by 9.1 per cent to $3.12 billion, from $3.44 billion in the previous month, while autonomous outflow increased to $0.56 billion from $0.47 billion in January.
“A net inflow of $2.56 billion was recorded through autonomous sources, compared with $2.97 billion in January.

“CBN recorded a net inflow of $0.075 billion, compared with a net outflow of $0.46 billion in the preceding month.”

Hot this week

The Conflict in Dr Congo and It’s Impacts on the Great Lakes Region

By Babade Victor Temijope The renewed wave of violence...

DSS Nabs 3 Gunrunners Supplying Arms to Bandits in Kaduna

The Department of State Services (DSS) has arrested three...

Hazras Charity Foundation Concludes Educational Kits Distribution in Kano, Expands to Jigawa State

By Jabiru HassanThe Hazras Charity Foundation, a delivery partner...

Breaking: FG Launches First Cancer Treatment Initiative

By Joyce Remi-BabayejuIn a groundbreaking event, the ...

FG Launches Made-in- Nigeria Mobile App to Boost Community Healthcare Services

By Joyce Remi-BabayejuThe Federal Government has launched a...

Hazras Charity Foundation Concludes Educational Kits Distribution in Kano, Expands to Jigawa State

By Jabiru HassanThe Hazras Charity Foundation, a delivery partner...

Kaduna Women Journalists Urge Government Action on Poor Power Supply, Commend State’s Climate Efforts

By Achadu Gabriel, KadunaThe Nigeria Association of Women Journalists...

Gov. Ododo Hails Appointment of Maj.-Gen. Waidi Shaibu as New Chief of Army Staff

By Noah Ocheni, LokojaKogi State Governor, Alhaji Ahmed Usman...

NDDC Commissions Naval Facility in Bayelsa to Boost Security in Niger Delta

By Amgbare Ekaunkumo, YenagoaThe Niger Delta Development Commission (NDDC)...

KOSIEC Releases Timetable for 2026 Kogi Local Government Elections

By Noah Ocheni, LokojaThe Kogi State Independent...

Terrorist Invade Southern Kaduna Community, Abduct 10 Residents in Kauru LGA

By Achadu Gabriel, KadunaTerrorists have again attacked Southern Kaduna,...

Related Articles

Popular Categories

spot_imgspot_img