CBN Reports Dollar Upsurge As Overseas Remittances Rose To US$1.3bn


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Data from the Central Bank of Nigeria (CBN) has indicated an increase in the foreign exchange inflow into the country, with overseas remittances rising to US$1.3 billion in February 2024, more than four times the US$300 million received in January.

The Bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali disclosed the development while speaking with newsmen in Abuja.

She said, the inflow was due to marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors.

She added that “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”.

According to her, 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% of bids received at the auctions conducted on March 1 and 6, 2024.

It will be recalled that the CBN Governor, Mr. Olayemi Cardoso set out a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and economy, using last month’s Monetary Policy Committee meeting and a conference call with foreign portfolio investors to set expectations for sustained increases in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market.

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off,” Governor Cardoso said.

“When people understand the real issues and see a strategy and a plan, things tend to calm down. Our objective today is to ensure that the market has supply, that the market functions, and that investors can come in and go out,” he noted.


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