Nigeria witnessed a total foreign exchange inflow of $11.11 billion in the combined months of July and August, as per data sourced from the Central Bank of Nigeria.

The August economic report on foreign exchange flows, released by the CBN, revealed a 5.8% increase in the figure for August compared to July.

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The report highlighted, “In August 2023, the economy experienced a surge in net foreign exchange inflow, primarily attributed to heightened inflow from autonomous sources.

The net inflow for foreign exchange in the economy reached $2.33 billion, marking a 2.9% increase from the $2.27 billion recorded in July 2023.”

It further detailed that the aggregate foreign exchange inflow into the economy grew by 5.8% to $5.71 billion in August, compared to the previous month’s $5.40 billion.

Conversely, foreign exchange outflows rose by 8.0% to $3.38 billion in August from $3.13 billion in July.

The report indicated a 5.9% decline in foreign exchange inflow through the Bank to $2.44 billion in August 2023 from $2.59 billion in July.

However, outflow through the Bank increased by 6.3% to $2.98 billion from $2.80 billion in the preceding month.

Autonomous inflow witnessed a 16.6% rise to $3.28 billion in August, compared to $2.80 billion in the previous month.

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Autonomous outflow also increased by 22.3% to $0.40 billion in August 2023 from $0.32 billion in July.

Consequently, a net inflow of $2.88 billion was recorded through autonomous sources, exceeding the $2.48 billion reported in July 2023.

The CBN noted a net outflow of $0.55 billion, contrasting with the $0.22 billion in the previous month.