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Diaspora remittances into Nigeria rose by $1bn in one month — CBN

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The Central Bank of Nigeria (CBN) said on Friday that foreign exchange remittances by Nigerians living abroad into the country rose to $1.3 billion in one month.

The CBN’s Acting Director of Corporate Communications, Ms. Hakama Sidi Ali, disclosed this at a media briefing in Abuja.

He said the figure was $1 billion higher than the $300 million Diaspora remittances to the country in January.

She said: “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.”

The World Bank had earlier in the year pegged the Diaspora remittances to Nigeria in 2023 at $20 billion.

READ ALSO: CBN to clampdown on currency speculators, restricts diaspora remittances

The apex bank 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.

Sidi Ali noted that foreign investors purchased over $1 billion of Nigerian assets last month, with the total portfolio flows for the early part of 2024 reaching $2.3 billion, compared to $3.9 billion recorded in 2023.

She added that the increase in foreign exchange inflows has continued into March due to the recent adjustments in benchmark interest rates which have raised investors’ interest in short-term sovereign debt.

“Foreign investors purchased more than $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,” the CBN’s spokesperson concluded.

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