Net foreign exchange inflows in Nigeria rose to $25.4 billion from January to June 2024, a 55 percent increase compared to the same period last year.
This boost is attributed to higher capital importation and record remittances from Nigerians abroad.
The Central Bank of Nigeria (CBN) reports that these inflows have improved the foreign exchange market. By the end of July 2024, the market saw a turnover of $43 billion in customer transactions, with CBN’s contribution being less than 5 percent.
The CBN is also enhancing market transparency with new measures.
They have introduced the Retail Dutch Auction System (RDAS) to facilitate direct foreign exchange sales to users and have sold over $305 million through a two-way quote system recently.