By Anastasia John E.
Nigeria’s foreign exchange market experienced a significant boost in the fourth quarter of 2024, with net inflows surging to $17.39 billion, according to data from the Central Bank of Nigeria (CBN). This increase, driven by strong autonomous inflows like foreign investments, remittances, and export earnings, indicates improved liquidity in the market.
The CBN’s Quarterly Economic Report revealed that total forex inflow rose by 20.62% to $27.81 billion, with autonomous sources contributing a substantial $16.27 billion – a 47.55% jump from the previous quarter. This surge more than offset a slight dip in inflows through the CBN.
While outflows also increased, the robust inflow resulted in a net positive of $17.39 billion, up nearly 15% from Q3 2024. This positive trend aligns with earlier reports of increased foreign reserves and the government’s efforts to boost crude oil production and attract remittances.
