Foreign exchange (FX) inflows to Nigeria reached $57 billion by August 2024.
Gatekeepers News reports that Central Bank of Nigeria (CBN) revealed this during a meeting with foreign investors in Washington DC.
Deputy Director of Economic Policy of CBN, Mr. Muhammad Abdullahi presented an update on the country’s FX situation during the meeting.
Abdullahi noted that capital importation nearly doubled to $6.9 billion as of August 2024, compared to $3.9 billion recorded during the entire 2023 financial year.
Diaspora remittances also surged to a record $3.5 billion, with a 0.3 increase from total of $3.2 billion received in 2023.
According to CBN; there is as 100% FX outflow through the autonomous market, signifying an improvement in the market’s efficiency.
The apex bank noted that its intervention in FX market has reduced to just 5% of total market turnover.
