CBN reports 433% upsurge in remittances to $1,3bn in Feb

The Central Bank of Nigeria (CBN) has announced a 433% increase in Diaspora remittances, rising to $1.3 billion in February from $300 million in January.

Speaking to reporters in Abuja yesterday, the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, revealed, “The Bank’s data shows that overseas remittances surged to $1.3 billion in February 2024, marking a more than fourfold increase from the $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.

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