ADVERTISEMENT
  • Africa
  • World
  • Our Shows
    • Entrepreneurship
    • Destination Business
    • 101business TV Show
Business 360 News
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
Business 360 News
No Result
View All Result
Home Economy

Net Foreign Exchange Inflow into Nigerian Economy Increases by 7.3% in 2023

Business 360 by Business 360
April 23, 2024
in Economy, Finance
0
Nigeria’s FX Crisis: Banks to stop or limit debit card spending abroad

The net foreign exchange (Forex) inflow into the Nigerian economy saw a notable increase of 7.3 percent year-on-year, reaching $33.9 billion in 2023 compared to $31.58 billion in 2022. This rise, despite challenges in the FX market, was primarily driven by a significant decline of 22.7 percent in net FX outflow from the economy during the same period.

Analysis of data from the Central Bank of Nigeria’s (CBN) Quarterly Statistical Bulletin for 2023 revealed that FX inflow into the economy decreased by 8.9 percent year-on-year to $65.76 billion in 2023 from $72.19 billion recorded in 2022. Similarly, FX outflow experienced a notable decline of 22.7 percent year-on-year to $30.86 billion in 2023 from $39.92 billion in 2022.

As a result of these trends, the net FX inflow exhibited growth, rising by 7.3 percent year-on-year to $33.9 billion in 2023 from $31.58 billion in 2022. Notably, foreign exchange inflow through autonomous sources also experienced a slight decrease of 2.5 percent to $40.2 billion in 2023 from $41.24 billion in 2022. However, FX outflow through autonomous sources witnessed a significant decline of 41.8 percent year-on-year to $5.78 billion in 2023 from $9.94 billion in 2022.

Consequently, the net FX inflow through autonomous sources increased by 9.96 percent year-on-year to $34.42 billion in 2023 from $31.3 billion in 2022. These figures highlight the complex dynamics of Nigeria’s foreign exchange market and its impact on the overall economy.

Previous Post

TikTok Fights Back Against US Bill Threatening App’s Future

Next Post

World Bank Board to Review Nigeria’s $2.25 Billion Financing Package in June

Business 360

Business 360

Next Post
World Bank predicts extreme poverty and depressed economies in Africa

World Bank Board to Review Nigeria's $2.25 Billion Financing Package in June

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FMDQ Exchange Admits Flour Mills of Nigeria’s ₦30.00bn Commercial Paper Notes

FMDQ Admits TSL SPV PLC ₦12.00 billion Series 1 Guaranteed Fixed Rate Infrastructure Bond to its Platform

March 11, 2021
NCAC inaugurates Creative Industry Sub-Committees

NCAC inaugurates Creative Industry Sub-Committees

September 20, 2020
#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

October 21, 2020
SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

September 21, 2020
‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

25
Goldlink’s restructures board

Goldlink’s restructures board

10
Airtel Africa Plc gets admitted to the NSE Main Board

Airtel Africa Plc gets admitted to the NSE Main Board

6
Stallion Tank Farm resumes operations

Stallion Tank Farm resumes operations

3
Oil Falls to Lowest in Over a Week as Trump Announces Israel-Iran Ceasefire

Oil Falls to Lowest in Over a Week as Trump Announces Israel-Iran Ceasefire

June 24, 2025
Oil Prices Tumble, Stocks Surge as Trump Announces Israel-Iran Ceasefire

Oil Prices Tumble, Stocks Surge as Trump Announces Israel-Iran Ceasefire

June 24, 2025
NNPC Raises Petrol Price to ₦915 in Lagos, ₦945 in Abuja Amid Dangote Ex-Depot Hike

NNPC Raises Petrol Price to ₦915 in Lagos, ₦945 in Abuja Amid Dangote Ex-Depot Hike

June 24, 2025
NDIC Begins Payment of Liquidation Dividends to Premier Commercial Bank Creditors

NDIC Seeks Stronger Judicial Partnership to Bolster Depositor Confidence

June 24, 2025
Business 360 News

Business 360 News is a Business and Financial News Platform with an SMEs drive. Published by 360 Network Limited, and created with the aim of disseminating unbiased business stories to readers within and outside Nigeria, providing in-depth analysis of our stories from a critical perspective against the backdrop of realities, actualities, objectivity and balance.

Follow Us

Browse by Category

  • Africa
  • Agribusiness
  • Agriculture
  • AI
  • Art
  • Arts
  • Aviation
  • Banking
  • Blockchain
  • Business 360 Weekly
  • Business news
  • Business Travels
  • Capital Market
  • CHINA
  • Corporate
  • Cryptocurrency
  • Destination Business
  • East Africa
  • Economy
  • Education
  • Electric Vehicles
  • Electricty
  • Energy
  • Entertainment
  • Entertainment
  • Entrepreneurship
  • EV
  • Fashion
  • Fashion
  • Feature
  • Finance
  • Gas
  • Global Economy
  • Health
  • Hospitality
  • ICT
  • Insurance
  • IoT
  • Japan
  • Lifestyle
  • Luxury
  • Maritime
  • Meetings
  • Mortgage
  • News
  • NGOs
  • Oil
  • Petrol
  • Political Economy
  • politics
  • Real Estate
  • Real Estate
  • SMEs
  • Society
  • Solar Energy
  • South Africa
  • Sports
  • Start-Ups
  • Stocks
  • Success Stories
  • Tax
  • Tech
  • Tourism
  • Transportation
  • UK
  • Uncategorized
  • US
  • World

Recent News

Oil Falls to Lowest in Over a Week as Trump Announces Israel-Iran Ceasefire

Oil Falls to Lowest in Over a Week as Trump Announces Israel-Iran Ceasefire

June 24, 2025
Oil Prices Tumble, Stocks Surge as Trump Announces Israel-Iran Ceasefire

Oil Prices Tumble, Stocks Surge as Trump Announces Israel-Iran Ceasefire

June 24, 2025
  • Africa
  • World
  • Our Shows

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!

No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!