The Central Bank of Nigeria (CBN) has revealed that the country’s foreign portfolio inflows exceeded $1 billion in February 2024.
This is after billions of dollars poured into Nigeria as the reforms instituted by President Ahmed Bola Tinubu’s administration have started paying off.
“The Bank’s data indicates that overseas remittances rose to US$1.3 billion in February 2024, more than four times the US$300 million received in January,” said CBN spokeswoman, Hakama Sidi Ali.
“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$ 3.9 billion seen in total for last year.”
Sidi Ali said compared with $3.9 billion for the whole of the year 2023, overseas remittances rose more…
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