Foreign exchange (FX) inflows to Nigeria reached $57 billion by August 2024, as reported by the Central Bank of Nigeria (CBN). This announcement was made during a meeting with foreign investors in Washington, DC, where Mr. Muhammad Abdullahi, CBN’s Deputy Director of Economic Policy, provided an update on the country’s FX situation.
According to Abdullahi, capital importation nearly doubled to $6.9 billion as of August 2024, compared to $3.9 billion recorded for the entire 2023 financial year. This significant increase reflects growing investor confidence in Nigeria’s economy.
Additionally, diaspora remittances surged to a record $3.5 billion, exceeding the total of $3.2 billion received in 2023. This uptick in remittances further underscores the vital role of the Nigerian diaspora in supporting the local economy.
The CBN also highlighted a notable 100% FX outflow through the autonomous market, indicating an improvement in market efficiency. The bank noted that its intervention in the FX market has reduced to just 5% of total market turnover, suggesting a more stable and self-sufficient foreign exchange environment.