Thursday, February 6, 2025
Home Business CBN REPORTS UPSURGE IN DOLLAR INFLOW AS REMITTANCES QUADRUPLE, FOREIGN INVESTORS’ RETURN

CBN REPORTS UPSURGE IN DOLLAR INFLOW AS REMITTANCES QUADRUPLE, FOREIGN INVESTORS’ RETURN

 The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors.
Speaking with newsmen in Abuja,  the Bank’s Acting Director of Corporate Communications, Hakama Sidi Ali, says, the Bank’s data indicates that overseas remittances rose to US$1.3 billion in February 2024, more than four times the US$300 million received in January.
“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,” she added.
She said 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,  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.
RELATED ARTICLES

NAICOM PARTNERS NCAA TO STRENGTHEN INSURANCE REGULATIONS IN THE SECTOR.

The National Insurance Commission (NAICOM) has partnered with the Nigeria Civil Aviation Authority (NCAA) to tackle aviation-related issues and strengthen insurance regulations in the...

TELECOM TARIFF INCREASE : FCCPC CALLS ON NCC TO TRANSLATE HIGH TARIFF INTO SERVICE IMPROVEMENT.

The Federal Competition and Consumer Protection Commission (FCCPC), has called on Nigerian Communications Commission (NCC), to translate  the recently approved  50% adjustment in telecommunications tariffs...

PTAD INTRODUCES MOBILE ‘I AM ALIVE’ CONFIRMATION SOLUTION .

The Executive Secretary of Pension Transitional Arrangement Directorate (PTAD). Tolulope Odunaiya has announced a policy review of the I Am Alive confirmation solution by...

Most Popular

NNPC Ltd/First E&P JV ACHIEVES 96% REDUCTION IN ROUTINE GAS FLARING

The NNPC Ltd and First Exploration & Petroleum Development Company Limited (First E&P) Joint Venture (JV) says it  has achieved 96% reduction in routine...

SUSTAINABLE DEVELOPMENT: CUSTOMS, NESREA STRENGTHEN COLLABORATION ON ENVIRONMENTAL PROTECTION.

The Comptroller-General of Customs (CGC) Adewale Adeniyi has reaffirmed the Nigeria Customs Service’s (NCS) commitment to enhancing collaboration with the National Environmental Standards and...

ILLICIT DRUGS:  NCS, UNODC STRENGTHEN PARTNERSHIP TO COMBAT DRUG TRAFFICKING, ORGANISED CRIMES.

The Comptroller-General of Customs  Bashir Adewale Adeniyi  has reaffirmed the Nigeria Customs Service’s (NCS) commitment to strengthening collaboration with the United Nations Office on...

CGC ADENIYI ADVOCATES SYNERGY AMONG SECURITY AGENCIES TO OPTIMISE ANTI-SMUGGLING OPERATIONS.

The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has called for increased collaboration among security agencies to effectively address smuggling and its...

Recent Comments