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Reading: Nigeria’s Foreign Exchange Inflows Reach $57 Billion by August 2024, Says CBN
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Nigeria’s Foreign Exchange Inflows Reach $57 Billion by August 2024, Says CBN

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: October 24, 2024
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Nigeria’s foreign exchange (FX) inflows reached an impressive $57 billion by August 2024, according to a report from the Central Bank of Nigeria (CBN).

The update was revealed by Mr. Muhammad Abdullahi, the CBN’s Deputy Director of Economic Policy, during a meeting with foreign investors in Washington D.C..

Abdullahi highlighted significant improvements in the country’s FX situation, pointing to a near doubling of capital importation to $6.9 billion as of August 2024, compared to $3.9 billion recorded throughout the entire 2023 financial year.

The report also noted a remarkable increase in diaspora remittances, which surged to a record $3.5 billion, surpassing the $3.2 billion total received in 2023.

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In addition, the CBN reported a 100% FX outflow through the autonomous market, indicating enhanced efficiency in the foreign exchange market.

The bank’s direct intervention in the market has reduced significantly, now accounting for just 5% of the total market turnover.

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TAGGED:Capital ImportationCBNDiaspora RemittancesForeign Exchange InflowsFX marketNigeria
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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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