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FX remittances quadruple to $1.3 billion in February – CBN




The Central Bank of Nigeria (CBN) has said overseas remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month.

Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications, disclosed in a press briefing in Abuja.

The CBN also reported a significant rise in foreign inflows in February 2024, driven by higher remittance payments from Nigerians living abroad and a spike in the purchase of naira assets by foreign portfolio investors.

She noted 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 surge in foreign exchange inflows has continued into March 2024, attributed to the recent adjustments in benchmark interest rates which have heightened investor interest in short-term sovereign debt.

According to the statement, Sidi Ali said: