FX inflows reach $57 billion – CBN

CBN

Emma Ujah, Washington DC

Foreign exchange (FX) inflows to Nigeria reached $57 billion by August 2024, according to the Central Bank of Nigeria (CBN).

This was disclosed during a meeting with foreign investors in Washington DC, where the CBN’s Deputy Director of Economic Policy, Mr. Muhammad Abdullahi, presented an update on the country’s FX situation.

According to Abdullahi, capital importation nearly doubled to $6.9 billion as of August 2024, compared to $3.9 billion recorded during the entire 2023 financial year.

Additionally, diaspora remittances surged to a record $3.5 billion, surpassing the total of $3.2 billion received in 2023.

The CBN also reported a 100% FX outflow through the autonomous market, signifying an improvement in the market’s efficiency. The bank noted that its intervention in the FX market has reduced to just 5% of total market turnover.

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