The Central Bank of Nigeria (CBN) has reported that remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month, representing the highest value of inflows to the economy over the past months
The Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed this during a media chat in Abuja.
The apex bank linked the significant rise in foreign exchange (FX) inflows in the month under review due to increase in remittance payments from Diaspora Nigerians and increase in the purchase of naira assets by foreign portfolio investors.
She disclosed that foreign investors purchased over $1 billion of Nigerian assets last month, with the total portfolio flows for the early part of 2024 reaching at least $2.3 billion, compared to the $3.9 billion recorded for the whole year in 2023.
The apex bank’s spokesperson attributed the surge in foreign exchange inflows to the recent adjustments in benchmark interest rates, which have heightened investor interest in short-term sovereign debt.
Sidi Ali stated: “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.
“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.
