Foreign remittances into the nation increased to $1.3 billion in February 2024 from $300 million the month before according to the Central Bank of Nigeria.
The Times reported that at a press conference in Abuja, the Bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali revealed this.
The CBN also revealed that February 2024 saw a notable increase in foreign inflows, mostly from increased remittance payments from Nigerians residing overseas and a surge in the acquisition of naira assets by foreign portfolio investors.
She mentioned that “last month, foreign investors bought over $1 billion worth of Nigerian assets and that overall portfolio flows for the first half of 2024 will reach at least $2.3 billion, down from the $3.9 billion reported for the whole year in 2023.
Due to recent changes in benchmark interest rates that have increased investor interest in short-term sovereign debt, there has been a sustained boom in foreign currency inflows until March 2024.
