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The Central Bank of Nigeria (CBN) has revealed an impressive 433% increase in Diaspora remittances, soaring to $1.3 billion in February from the previous $300 million recorded in January.
The Acting Director of Corporate Communications at CBN, Mrs. Hakama Sidi Ali, shared this information with reporters in Abuja, stating, “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.
She added, “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.”
Highlighting the continued momentum into March 2024, Ali attributed the higher foreign exchange inflows to heightened investor interest in short-term sovereign debt following recent adjustments to benchmark interest rates. She emphasized the oversubscription of government securities issuances, with foreign investors contributing to over 75% of the bids received during auctions held on March 1 and 6, 2024.
Recalling the recent Monetary Policy Committee meeting and a conference call with foreign portfolio investors, CBN Governor, Mr. Olayemi Cardoso, outlined a comprehensive strategy to combat inflation, stabilize the exchange rate, and boost confidence in the banking system and the economy. The governor expressed optimism about the positive outcomes of measures taken to enhance reserves and liquidity in the foreign exchange market.
Governor Cardoso stated, “All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off. 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.”
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