CBN Reports Triple Remittances And Increased Dollar Inflow

The Central Bank of Nigeria (CBN) announced a notable rise in the inflow of foreign exchange into the economy, in February 2024.

Significant remittance payments from Nigerians living abroad and purchases of naira assets by foreign portfolio investors are blamed for the increase.

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This was disclosed in a statement provided to the media by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the apex bank.

According to Bank data, foreign remittances reached US$1.3 billion in February 2024, more than four times the US$300 million received in January, as Sidi pointed out.