The Central Bank of Nigeria (CBN) has announced a welcome boost to the nation’s economy: a significant rise in foreign exchange inflows during February 2024.
This positive development is attributed to two key factors: a substantial increase in remittance payments from Nigerians living abroad and a growing appetite for Nigerian assets among foreign portfolio investors.
Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications for the CBN, confirmed the news in a statement released from Abuja.
She revealed that data compiled by the bank shows a remarkable surge in overseas remittances, reaching $1.3 billion in February. This figure represents a staggering fourfold increase compared to the $300 million received in January 2024.
She said, “The Bank’s data indicates that overseas remittances rose to $1.3bn in February 2024, more than four times the $300m received in January.
“Foreign investor confidence is also on the rise,” Mrs. Ali added.
“Our data indicates that foreign investors purchased over $1 billion worth of Nigerian assets last month. This brings the total portfolio inflows for the year so far to at least $2.3 billion, which is already exceeding the $3.9 billion recorded for the entirety of 2023.”
