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From Adanna Nnamani, Abuja
With notable increases in remittance payments made by Nigerians living abroad and purchases of naira assets by foreign portfolio investors, the Central Bank of Nigeria (CBN) announced that there had been a substantial rise in the influx of foreign exchange into the economy in February 2024.
The acting Director of Corporate Communications at the Bank, Mrs. Hakama Sidi Ali, stated to reporters in Abuja that the statistics from the bank shows that international remittances increased to US$1.3 billion in February 2024, more than four times the US$300 million received in January.
According to Ali, “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 per cent of bids received at the auctions conducted on March 1 and 6, 2024.
