The Central Bank of Nigeria (CBN) announced on Friday a substantial increase in foreign exchange remittances from Nigerians abroad, reaching $1.3 billion in just one month.
Speaking at a media briefing in Abuja, the CBN’s Acting Director of Corporate Communications, Ms. Hakama Sidi Ali, highlighted the significant rise compared to the $300 million recorded in January. She stated, “The Bank’s data indicates that overseas remittances rose to $1.3 billion in February 2024, more than four times the $300 million received in January.”
This surge aligns with earlier projections by the World Bank, which estimated Diaspora remittances to Nigeria for 2023 at $20 billion.
Moreover, the CBN reported a notable increase in foreign inflows in February 2024, driven by higher remittance payments and heightened interest from foreign portfolio investors in purchasing naira-denominated assets.
Sidi Ali pointed out that foreign investors acquired over $1 billion worth of Nigerian assets last month, contributing to a total portfolio inflow of $2.3 billion in the early months of 2024, compared to $3.9 billion recorded throughout 2023.
Furthermore, the influx of foreign exchange has continued into March, fueled by recent adjustments in benchmark interest rates, which have piqued investors’ interest in short-term sovereign debt.
Commenting on the trend, the CBN’s spokesperson remarked, “Foreign investors purchased more than $1 billion of Nigerian assets last month, with total portfolio flows of at least $2.3 billion recorded thus far in 2024 compared to $3.9 billion seen in total for last year.”
