简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:As of November 2024, Nigeria's net foreign exchange inflows have surged to $5.95 billion over the past year, marking an impressive increase of 245.9%, with a significant rise in foreign currency flowing into the country's economy.
According to the Central Bank of Nigeria (CBN) economic report, the country's foreign exchange inflows have notably increased over the past year. In November 2023, the foreign exchange inflows were $1.7 billion, whereas this figure surged to $5.95 billion in November 2024, reflecting strong momentum in foreign exchange inflows.
However, on a monthly basis, the net foreign exchange inflows in November 2024 slightly decreased compared to October due to reduced foreign exchange inflows through banking channels. In October 2024, Nigeria's net foreign exchange inflows were $4.86 billion, whereas in November, it rose to $5.95 billion. Meanwhile, total foreign exchange inflows decreased from $9.15 billion in October to $8.4 billion in November. Notably, foreign exchange outflows also saw a significant decline, dropping from $4.29 billion to $2.45 billion.
During this period, the Naira depreciated against the US dollar. Additionally, the average foreign exchange turnover on the Nigerian Financial Foreign Exchange Market (NFEM) increased by 24.78% from $241.65 million in October 2024 to $301.52 million in November.
Net foreign exchange flow refers to the difference between the total amount of foreign exchange flowing into a country or economy and the total amount flowing out within a given period. It reflects the movement of capital in the foreign exchange market of that economy. Specifically, when net foreign exchange flow is positive, it means the foreign exchange inflows into the economy exceed the outflows, indicating that the country's foreign exchange reserves are being replenished and there is a healthy inflow of capital.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Warren Buffett is one of the most successful investors in the world. He built his wealth through smart, patient decisions and a strong understanding of how markets work. Today, his advice is followed by investors and traders everywhere. Here are five simple but powerful lessons from Buffett that can help anyone grow their money wisely.
Futu Securities launches a crypto deposit service for Bitcoin, Ethereum, and Tether on its trading platform, bridging traditional and decentralized finance.
The Australian Securities and Investments Commission (ASIC) has published a new regulatory guide aimed at assisting buy now, pay later (BNPL) providers in navigating their obligations ahead of new laws coming into effect on June 10, 2025. The guidance, titled Regulatory Guide 281: Low-cost credit contracts, provides critical information to help low-cost credit contract providers comply with their key responsibilities, including new, modified responsible lending obligations.
XM marks 15 years in trading with new product launches, AI tools, and global events, enhancing the trading experience for clients worldwide.