C.B.N. Does Not Have Enough Forex Inflows To Meet Obligations- E.I.U. REPORT
Channel: Plus TV Africa
Date: 2024-03-11

The Central Bank of Nigeria (CBN) has reported a significant increase in foreign exchange inflow into the economy in February 2024.

The increase is attributed to substantial remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors.

The apex bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, made this known in a statement made available to the media.

Sidi noted that 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 that 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.
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