Business
Nigeria Records 67.8% Surge In FX Inflows, Hits $27.6bn In H1 2024
Nigeria’s foreign exchange market has experienced a significant upturn, with inflows surging by 67.8% to $27.6 billion in the first half of 2024, according to the Central Bank of Nigeria (CBN).
This marks a sharp rise from the $16.44 billion recorded during the same period in 2023, signaling a recovery in the country’s forex market.
The increase is largely attributed to a 34.6% year-on-year growth in net inflows from autonomous sources and an extraordinary 170% jump in net forex inflows via the CBN.
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Total forex inflows into the economy climbed 41.6% to $47.73 billion, compared to $33.7 billion in the first half of 2023.
Gross inflows through autonomous sources rose by 47.6% to $31.15 billion, while outflows from these sources increased by a sharp 160.8% to $5.4 billion, reflecting heightened economic activity.
On the CBN side, inflows saw a 31.7% boost to $16.6 billion, while outflows dropped by 15%, resulting in a net inflow of $1.86 billion—a significant turnaround for the bank.
The International Money Transfer Operators (IMTOs) also saw a substantial rise in activity, with remittance inflows growing by 47% to $2.33 billion.
This was driven by the CBN’s policy interventions aimed at improving market efficiency and boosting foreign exchange liquidity.
These figures reflect a positive shift in Nigeria’s economic landscape, underpinned by the CBN’s ongoing efforts to stabilize the forex market and attract foreign investment.
With the strong inflows, Nigeria is poised to see improvements in foreign reserves and greater liquidity, offering a much-needed boost to its financial system amid global economic uncertainty.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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