The Central Bank of Nigeria (CBN) has announced a significant increase in foreign exchange inflow into the country in February 2024. According to Hakama Sidi-Ali, the acting director of corporate communications at the CBN, this surge is attributed to heightened remittance payments by Nigerians abroad and the purchase of naira assets by foreign portfolio investors.<\/p>\n
Speaking to journalists in Abuja, Sidi-Ali revealed that overseas remittances surged to US$1.3 billion in February 2024, marking a remarkable increase from the US$300 million received in January.<\/p>\n
Moreover, foreign investors have shown strong interest in Nigerian assets, with investments totaling over US$1 billion in February alone. This contributes to a total portfolio flow of at least US$2.3 billion in 2024 thus far, compared to US$3.9 billion for the entire previous year.<\/p>\n
Highlighting the continued momentum, Sidi-Ali stated that higher FX inflows persisted into March 2024. Investor interest in short-term sovereign debt has notably increased following adjustments to benchmark interest rates.<\/p>\n
Government securities issuances have seen significant oversubscription, with foreign investors accounting for more than 75 percent of bids received in auctions conducted on March 1 and 6, 2024.<\/p>\n
Addressing concerns raised in November 2023 by Olayemi Cardoso, the governor of the CBN, regarding remittances, Sidi-Ali assured that investigations are underway.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) has announced a significant increase in foreign exchange inflow into the country in February 2024. According to Hakama Sidi-Ali, the acting director of corporate communications at the CBN, this surge is attributed to heightened remittance payments by Nigerians abroad and the purchase of naira assets by foreign portfolio investors. […]<\/p>\n","protected":false},"author":16,"featured_media":22359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177,173],"tags":[246],"class_list":["post-22354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","category-business","tag-cbn"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=22354"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22354\/revisions"}],"predecessor-version":[{"id":22393,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22354\/revisions\/22393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/22359"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=22354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=22354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=22354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}