More dollars ‘flowing’ into Nigeria, says CBN

More dollars ‘flowing’ into Nigeria, says CBN

The Central Bank of Nigeria (CBN) has reported an increase in foreign exchange inflow into the economy in February 2024, with increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors.

In a statement issued on Thursday night by the apex bank’s acting director of corporate communications, Mrs Hakama Ali, she said, “The Bank’s data indicates that overseas remittances rose to US$1.3 billion in February 2024, more than four times the US$300 million received in January.”

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“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$ 3.9 billion seen in total for last year,” she added.

She said higher FX inflows continued in March 2024, driven by increased investor interest in short-term sovereign debt following the recent adjustment to benchmark interest rates.

She noted that Government securities issuances had been significantly oversubscribed, with foreign investors accounting for over 75 percent of bids received at the auctions conducted on March 1 and 6, 2024.

More dollars ‘flowing’ into Nigeria, says CBN