A total of $17.18 billion was attracted into the Nigerian economy in the first quarter of the year (Q1 2023), representing an increase of 7.5 per cent compared to $14.62 billion in the preceding quarter.
The federal government’s fiscal operations resulted in a deficit of N1.43 trillion in the review quarter.
These information were contained in the Central Bank of Nigeria’s (CBN) Economic Report for Q1, which provided insight into current developments in the real, fiscal, financial, and external sectors of the Nigerian economy, as well as on global issues of interest.
The report showed that foreign exchange inflow through the CBN increased to $7.17 billion, compared to $6.21 billion in the preceding quarter, while inflows through autonomous sources increased to $10.08 billion, from $8.41 billion in Q4.
On the other hand, FX outflow through the economy increased by 12.8 per cent, to $9.98 billion, compared to $8.85 billion in Q4.
Net FX inflow through the economy increased by 24.7 per cent to $7.20 billion from $5.78 billion in the preceding quarter while net inflow through autonomous sources rose to $8.89 billion compared to $7.08 billion in the preceding quarter.