The Nigerian economy recorded a rise in foreign exchange inflow during the fourth quarter of 2024, according to the latest Central Bank of Nigeria Economic Report.
The report revealed that total foreign exchange inflow rose by 20.62 per cent to $27.81bn, up from $23.06bn in the preceding quarter.
A key highlight of the report was the substantial contribution of autonomous sources to this increase. Inflows from these sources jumped by an impressive 47.55 per cent to $16.27bn, compared to $11.03bn in the third quarter.
In contrast, foreign exchange inflow through the CBN declined by 4.05 per cent to $11.54bn from $12.03bn in the previous quarter.
“The economy recorded a higher net foreign exchange inflow, driven largely by inflow through autonomous sources,” read part of the report.
The report also indicated a considerable rise in foreign exchange outflow, which increased by 31.37 per cent to $10.42bn.
Outflows through both the CBN ($8.99bn) and autonomous sources ($1.43bn) contributed to this increase, with the latter seeing a particularly sharp rise of 129.59 per cent compared to the previous quarter.
