Diaspora (Commonwealth Union) _ The Central Bank of Nigeria (CBN) announced on Friday a remarkable surge in foreign exchange remittances from Nigerians abroad, totaling $1.3 billion within one month.
Ms. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, revealed this during a media briefing in Abuja, highlighting that this figure marked a substantial increase from the $300 million received in January.
“The Bank’s data indicates that overseas remittances rose to $1.3 billion in February 2024, more than four times the $300 million received in January,” she stated.
Earlier forecasts by the World Bank had estimated Diaspora remittances to Nigeria in 2023 at $20 billion.
Furthermore, the Central Bank of Nigeria (CBN) announced a substantial increase in foreign inflows in February 2024. This surge was propelled by heightened remittance payments from Nigerians abroad and an uptick in the acquisition of naira-denominated assets by foreign portfolio investors. Such developments underscore the resilience of Nigeria’s economy and its attractiveness to foreign investors. The influx of funds reflects confidence in the country’s financial markets and highlights the importance of remittances from the Nigerian diaspora as a significant source of external income. This trend bodes well for the country’s economic stability and growth prospects moving forward.
Sidi Ali highlighted that foreign investors acquired over $1 billion worth of Nigerian assets last month, contributing to a total portfolio inflow of $2.3 billion in the early months of 2024, compared to $3.9 billion recorded in the entirety of 2023.
She further noted that the surge in foreign exchange inflows has persisted into March, attributing it to recent adjustments in benchmark interest rates which have heightened investors’ interest in short-term sovereign debt.
“Foreign investors purchased more than $1 billion of Nigerian assets last month, with total portfolio flows of at least $2.3 billion recorded thus far in 2024 compared to $3.9 billion seen in total for last year,” concluded the CBN’s spokesperson.
