The Central Bank of Nigeria (CBN) has reported a significant rise in foreign exchange entering the country this year.
This increase is driven by two main factors..–more remittances by Nigerians in the Diaspora and foreign investors buying assets in the country.

The remittances, according to the apex bank, rose from $300 million in January to $1.3 billion last month.

The CBN added in a statement by its Acting Director of Corporate Communications, Hakama Sidi-Ali,, that the investors bought over $1 billion in assets, thereby taking their total spending this year to $2.3 billion.

This rise represents 60 percent of the total amount invested by them throughout 2023.

It is believed that the good news might continue this month with interest in short-term Nigerian government debt.

March 8, 2024

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