Net foreign exchange inflows increased by 22% to $5.15 billion in just two months.

In the first two months of 2023 (2m’23), net foreign currency inflows increased year over year (YoY) by 22% to $5.15 billion from $4.22 billion in the prior two months of 2022.

According to data from the CBN’s Monthly Economic Report for February 2023, total foreign exchange inflows increased by 1.7 percent year over year to $10.94 billion in 2m’23 from $10.75 billion in 2m’22.

The favorable net position, however, was enhanced by a notable YoY decline in total outflows of 11% to $5.79 billion in 2M23 from N6.53 billion in 2M22.

Additionally, according to the report, inflows through the CBN increased by 1.4 percent YoY, from $4.31 billion in 2M22 to $4.37 billion in 2M23.

However, outflows through the CBN decreased from $4.89 billion in 2M22 to $4.76 billion in 2M23, a 2.6 percent decrease.

According to the apex bank, higher influx through CBN caused net foreign exchange inflow through the economy to grow month over month (MoM) by 5.2 percent to $2.64 billion in February from $2.51 billion in January 2023.

Foreign exchange movement through the economy had a net influx of $2.64 billion in February, up from $2.51 billion in the previous month, according to the CBN.

“From $5.28 billion in January to $5.66 billion in February, total foreign exchange intake into the economy grew by 7.2%.

“In a similar vein, outflows of foreign currency increased by 9.0% to $3.02 billion in February from $2.77 billion the previous month.

“From $1.84 billion in January, foreign exchange inflow through the bank jumped by 37.7% to $2.53 billion.  Bank outflow increased by 7.0% to $2.46 billion in February from $2.30 billion in January.While autonomous outflow grew to $0.56 billion from $0.47 billion in January, autonomous inflow declined by 9.1% to $3.12 billion from $3.44 billion in the prior month.Through independent sources, there was a net inflow of $2.56 billion as opposed to $2.97 billion in January.

In contrast to a net outflow of $0.46 billion the month before, “CBN recorded a net inflow of $0.075 billion.”