Net foreign exchange inflow into the economy fell sharply by 54 per cent, year-on-year, YoY to $7.29 billion in the first half of the year, H1’23, from $15.86 billion in the corresponding period in 2022.
Details of the CBN’s Statistical Bulletin for June 2023 showed that FX inflow into the economy fell by 55 per cent, YoY to $17.17 billion in H1’23 from $37.88 billion recorded in H1’22.As a result, net FX inflow fell by 54 per cent, YoY, to $7.29 billion in H1’23 from $15.86 billion in the corresponding period in 2022.Foreign exchange inflow through the autonomous sources also fell 54 per cent to $10 billion in H1’23 from $21.7 billion in H1’22.
Also, foreign exchange outflow through the apex bank fell by 48 per cent to $8.86 billion in H1’23 from $16.89 billion in H1’22.