Net forex inflow falls to $4.86bn in October 2024

The economy recorded a lower net foreign exchange inflow, on account of decreased inflow through the Bank.

The Central Bank Nigeria economic report for the month of October showed that foreign exchange flows through the economy amounted to a net inflow of $4.86 billion, relative to U$6.35 billion in September 2024. It said that aggregate foreign exchange inflow increased to $9.15 billion, from $8.59 billion in the preceding month.

Similarly, foreign exchange outflow increased to $4.29 billion within the same period, from $2.24 billion in the preceding month.

The report however said foreign exchange inflow through the Bank declined to $4.48 billion, from $5.22 billion in the preceding month, while autonomous inflow increased to US$4.67 billion, from $3.37 billion recorded in the preceding month.

However, outflow through the Bank rose to $3.73 billion, from $1.84 billion, while autonomous outflow fell to $0.56 billion, from $0.40 billion in September 2024.

Consequently, it said a net inflow of $4.11 billion was recorded through autonomous sources, compared with $2.97 billion in September 2024, while the Bank recorded a net inflow of $0.75 billion, relative to US$3.38 billion in the preceding month.

The CBN report also stated that the external reserves rose and were above the international benchmark of three months of import cover.

The external reserves stood at $39.71 billion as at end-October 2024, from $39.29 billion at end-September 2024.

The apex bank said that this position could cover 9.01 months of import for goods and services or 13.49 months for goods only.