FX remittances quadruple to $1.3 billion in February – CBN

The Central Bank of Nigeria (CBN) has said overseas remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month.

Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications, disclosed in a press briefing in Abuja.

The CBN also reported a significant rise in foreign inflows in February 2024, driven by higher remittance payments from Nigerians living abroad and a spike in the purchase of naira assets by foreign portfolio investors.

She noted foreign investors purchased over $1 billion of Nigerian assets last month…

Read more at Nairametrics

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