The Central Bank of Nigeria has said FX inflows into the country surged by 136 per cent in the first quarter of 2024 compared to last year.
CBN governor Olayemi Cardoso, represented by Blaise Ijebor, director of Risk at the apex bank, disclosed this recently at the 8th edition of the Vanguard Economic Summit.
He stressed that the country witnessed a spike in foreign investment portfolio inflows in Q1 2024.
“In Q1, we saw a massive spike in inflows. The FX flows into the country in the first quarter of 2024 were 136 per cent of our total inflows in 2023.”
Data from the FMDQ website showed that the total foreign portfolio inflow for Q1 2024 (N93.37 billion) was more than quintuple for Q1 2023 (N18.12 billion).
The development comes as foreign exchange inflows into Nigeria surged to a five-year high in March, and investor confidence improved due to the central bank’s reforms.
Meanwhile, foreign investment portfolio outflow also surged during the period under review.