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:Nigeria's foreign exchange inflows saw a significant increase in the fourth quarter of 2024, reaching $17.39 billion. This growth reflects strong foreign investments and export revenues, bringing new confidence to the market.
According to data from the Central Bank of Nigeria (CBN), total foreign exchange inflows in Q4 2024 increased by 20.62%, rising from $23.06 billion in the previous quarter to $27.81 billion. This growth was mainly driven by a surge in autonomous inflows, particularly from foreign direct investment, remittances, and export revenues. Autonomous inflows increased by 47.55% to $16.27 billion in the fourth quarter.
Although foreign exchange inflows through the central bank saw a slight decrease, overall net foreign exchange inflows still grew by 14.99%, reaching $17.39 billion, demonstrating external confidence in the Nigerian market.
In Q4 2024, Nigeria's domestic economy grew by 3.84%, reaching 22.61 trillion Naira. This growth was primarily driven by the strong performance of the non-oil sector, particularly in finance, insurance, and information and communication technology (ICT), which helped drive the overall economic recovery.
However, the performance of the oil industry was weaker, with falling oil prices and sluggish international market demand slowing the growth of oil production value. Meanwhile, the power and gas sectors experienced a contraction, mainly due to policy adjustments and the transition to alternative energy sources. Despite this, the non-oil sector remains the primary driver of Nigerias economic growth.
Facing these challenges, investors need to adjust their strategies flexibly, particularly in emerging sectors such as fintech and the digital economy, which could offer more opportunities for growth.
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.
Are you aware of the technical analysis tools that greatly determine the forex market’s direction? What do these tools do and why do avid traders eye these every day? If not, then start becoming aware of these tools that greatly dictate your forex earnings over time. Without any further ado, let’s start discussing these tools and their impacts.
The Reserve Bank of India (RBI) has added a fresh list of 13 unauthorised forex trading platforms, taking the overall number to 88. Read on to know the fresh list.
Did you know you can be made to pay a penalty worth up to INR 2 lakh by initiating forex trade through unauthorized brokers? Read this guide to know everything about it.
Think your broker is safe? Discover why AMarkets, an unregulated firm from a high-risk offshore haven, could be putting your money at risk.