Foreign exchange inflows to Nigeria have reached an impressive $57 billion as of August 2024, according to the Central Bank of Nigeria (CBN). This significant development was shared by Mr. Muhammad Abdullahi, the CBN’s Deputy Director of Economic Policy, during a meeting with foreign investors in Washington, D.C. The report indicates a robust recovery in the country’s FX situation, reflecting increasing confidence among investors.
Capital importation has also seen remarkable growth, nearly doubling to $6.9 billion this year compared to $3.9 billion for the entire 2023 financial year. Furthermore, diaspora remittances have hit a record high of $3.5 billion, exceeding last year’s total of $3.2 billion. These figures highlight the growing economic engagement of Nigerians abroad and the increasing ideas of funds into the country.
The CBN has reported a complete 100% FX outflow through the autonomous market, indicating improvements in market efficiency. Notably, the bank’s intervention in the FX market has decreased significantly, now constituting only 5% of the total market turnover. This suggests a strengthening of the market and a move towards greater autonomy in foreign exchange operations.