Foreign remittances hit $1.3bn in February 2024 — CBN

The Central Bank of Nigeria (CBN) has disclosed that foreign remittances surged to $1.3 billion in February 2024.

The Bank’s Acting Director of Corporate Communications Mrs. Sidi Ali, revealed this on Thursday.

Sidi said that overseas remittances reached $1.3 billion in February 2024, surpassing the previous month’s inflow of $300 million by more than fourfold.

She noted that foreign investors actively participated in the Nigerian market, purchasing over $1 billion worth of local assets last month.

Foreign investment outflows from Nigerian stocks rose in November to the highest level in nearly three years despite reforms that spurred a rally in the market last year.

The bank noted that the total portfolio flows for 2024 have already reached $2.3 billion, compared to the US$3.9 billion recorded for the entire previous year.

The apex bank said the trend of higher foreign exchange inflows continued into March 2024, driven by increased investor interest in short-term sovereign debt following adjustments to benchmark interest rates.

The document partly reads: “The Central Bank of Nigeria reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors.

“The Bank’s data indicates that overseas remittances rose to $1.3 billion in February 2024, more than four times the $300 million received in January.

“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least $2.3 billion recorded thus far in 2024 compared to $3.9 billion seen in total for last year.

“When people understand the real issues and see a strategy and a plan, things tend to calm down. Our objective today is to ensure that the market has supply, that the market functions, and that investors can come in and go out.”