CBN Records Upsurge In Dollar Inflow As Remittances Quadruple To $1.3bn

The Bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the development in a statement issued in Abuja.

She said the bank’s data indicated that overseas remittances rose to $1.3bn in February which is four times the $300m received in January this year.

She said, “The Bank’s data indicates that overseas remittances rose to $1.3bn in February 2024, more than four times the $300m received in January.

“Foreign investors purchased more than $1bn of Nigerian assets last month, with total portfolio flows of at least $2.3bn recorded thus far in 2024 compared to $3.9bn seen in total for last year,” she added.

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.

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.