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Nigeria's Forex Inflows Surge 65.7% in 2024

1/7/2025

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Summary

Story summary

Nigeria's net foreign exchange inflows reached $46.92 billion in 10m'24, a 65.7% increase from 2023.
Total forex inflows rose 41% YoY to $79.8 billion, while outflows decreased by 1.4% to $29.84 billion.
Reserve money increased by 21.31% to N30.01 trillion, fueled by higher currency circulation.
Consumer credit fell 17.64% to N3.50 trillion, primarily due to a decline in personal loans.

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Story summary

Nigeria's net foreign exchange inflows reached $46.92 billion in 10m'24, a 65.7% increase from 2023.
Total forex inflows rose 41% YoY to $79.8 billion, while outflows decreased by 1.4% to $29.84 billion.
Reserve money increased by 21.31% to N30.01 trillion, fueled by higher currency circulation.
Consumer credit fell 17.64% to N3.50 trillion, primarily due to a decline in personal loans.