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.
Auctions for government securities in the first six days of March were oversubscribed, with more than 75 percent of the bids coming from foreign investors.
Finance ministry, CBN to boost oil, gas exports
Meanwhile, the Ministry of Finance is strengthening its partnership with the CBN to improve the country’s oil and gas exports.
The collaboration aims to mitigate current economic challenges and bolster government policies focused on domestic production increase, economic diversification and export sector growth.
Minister of Finance and Coordinating Minister for the Economy Wale Edun made this known during a one-day sensitisation seminar on Nigerian oil and gas exports in Kano State.
Edun was represented at the event by the ministry’s Deputy Director, Trade Relations, Idris Giwa.
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