Olufemi Adeyemi
Foreign exchange (FX) inflows to Nigeria reached $57 billion by August 2024, as reported by the Central Bank of Nigeria (CBN).
This information was shared during a meeting with foreign investors in Washington DC, where Mr. Muhammad Abdullahi, the CBN’s Deputy Director of Economic Policy, provided an update on the FX landscape in the country.
Abdullahi indicated that capital importation had nearly doubled, amounting to $6.9 billion as of August 2024, in contrast to the $3.9 billion recorded for the entire financial year of 2023.
Furthermore, diaspora remittances hit a new high of $3.5 billion, exceeding the $3.2 billion received in 2023. The CBN also noted a 100% FX outflow through the autonomous market, reflecting enhanced market efficiency.
The bank highlighted that its intervention in the FX market has decreased to only 5% of the total market turnover.