Nigeria’s foreign exchange (FX) inflows reached an impressive $57 billion by August 2024, according to a report from the Central Bank of Nigeria (CBN).
The update was revealed by Mr. Muhammad Abdullahi, the CBN’s Deputy Director of Economic Policy, during a meeting with foreign investors in Washington D.C..
Abdullahi highlighted significant improvements in the country’s FX situation, pointing to a near doubling of capital importation to $6.9 billion as of August 2024, compared to $3.9 billion recorded throughout the entire 2023 financial year.
The report also noted a remarkable increase in diaspora remittances, which surged to a record $3.5 billion, surpassing the $3.2 billion total received in 2023.
In addition, the CBN reported a 100% FX outflow through the autonomous market, indicating enhanced efficiency in the foreign exchange market.
The bank’s direct intervention in the market has reduced significantly, now accounting for just 5% of the total market turnover.
