Forex inflow hits $11bn in two months – CBN

Customers panic as CBN bans Opay, Palmpay, others’ new accounts

Nigeria recorded $11.11bn aggregate foreign exchange inflow in July and August, figures obtained from the Central Bank of Nigeria revealed.

According to figures obtained from the CBN’s August economic report on foreign exchange flows through the economy, August’s figure rose by of 5.8 per cent from July.

The report said, “The economy recorded a higher net foreign exchange inflow in August 2023, driven, mainly, by increased inflow from autonomous sources. Foreign exchange flows through the economy recorded a net inflow of $2.33bn, an increase of 2.9 per cent, relative to the $2.27bn in July 2023.

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‘Aggregate foreign exchange inflow into the economy increased by 5.8 per cent to $5.71bn in August, compared with the $5.40bn, in the preceding month.”

According to the report, foreign exchange outflows also rose by 8.0 per cent to $3.38bn, in August, from $3.13bn in the preceding month.

It added that foreign exchange inflow through the Bank declined by 5.9 per cent to $2.44bn in August 2023, from $2.59bn in July 2023.

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Outflow through the Bank, however, rose by 6.3 per cent to $2.98bn, from $2.80bn in the preceding month.

Autonomous inflow rose by 16.6 per cent to $3.28bn, from $2.80bn in the previous month.

Similarly, autonomous outflow increased by 22.3 per cent to $0.40bn in August 2023, from $0.32bn in July 2023.

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A net inflow of $2.88bn was recorded through autonomous sources, compared with the $2.48bn in July 2023.

The CBN recorded a net outflow of $0.55bn, compared with the $0.22bn in the preceding month.


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