Nigeria’s net foreign exchange inflow declined to $48.1 billion in the first nine months of the year, down by 18.3 per cent compared with the same period in the previous year, the Central Bank of Nigeria (CBN) said in data released on Thursday.
The figures reflect a year‑on‑year reduction in the total foreign exchange entering the Nigerian economy through oil exports, diaspora remittances, foreign investment and other inflow sources, according to the report published by the central bank.
The CBN data showed that the net forex inflow, which captures total inflow minus outflows such as repatriated profits and investment outflows, slowed compared with figures from the corresponding nine‑month period of the previous year.
The decline is 18.3 per cent based on the comparative analysis of the two periods, the report said.
Mr Olayemi Cardoso, Governor of the CBN, said the data reflects ongoing shifts in foreign exchange movements into and out of the economy, but did not provide further breakdown of sources in the public release.
The decline in net inflow figures indicates that outflows exceeded gross inflows in the reviewed period.
Net foreign exchange inflow figures are a key indicator of cross‑border transactions and reflect how much foreign currency enters the economy after accounting for outflows such as dividends, profit repatriation and other payments.
Movements in net forex flows can affect external reserves and influence exchange rate dynamics. (General economics definition)
The CBN has in recent years reported changes in forex reserves and external sector performance, including net foreign exchange reserves data, which reached multi‑year highs in previous reporting periods before seasonal shifts and external pressures affected inflows.
