The net foreign exchange (Forex) inflow into the economy increased by 7.3 per cent, year-on-year (YoY) to $33.9 billion in 2023 from $ 31.58 billion in 2022.
The increase despite the low dollar inflow plaguing the FX market during the period was driven by 22.7 per cent decline in net FX outflow from the economy during the year. Analysis of data from the CBN’s Quarterly Statistical Bulletin for 2023 showed that FX inflow into the economy fell by 8.9 per cent YoY to $65.76 billion in 2023 from $72.19 billion recorded in 2022.
Similarly, FX outflow fell 22.7 percent YoY to $30.86 billion in 2023 from $39.92 billion in 2022. As a result, net FX inflow grew by 7.3 per cent, YoY, to $33.9 billion in 2023 from $31.58 billion in 2022.
Foreign exchange inflow through the autonomous sources fell 2.5 per cent to $40.2 billion in 2023 from $41.24 billion in 2022. FX outflow through the autonomous sources fell by 41.8 per cent YoY to $5.78 billion in 2023 from $9.94 billion in 2022. Consequently, net FX inflow through autonomous sources increased by 9.96 per cent YoY to $34.42 billion in 2023 from $31.3 billion in 2022.
VANGUARD
