Diaspora Remittances Into Nigeria Increased To $1.3bn From $300m In One Month-CBN

Diaspora remittances by Nigerian living abroad into the country rose from $300m in January 2024 to $1.3 billion in February 2024, the Central Bank of Nigeria (CBN) has disclosed.

Ms. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications, made this disclosure in a press briefing in Abuja.

“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” she said.

It would be recalled that earlier this year, the World Bank had estimated that diaspora remittances to Nigeria in 2023 was $20 billion

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.

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

The surge in foreign exchange inflows has continued into March 2024, attributed to the recent adjustments in benchmark interest rates which have heightened investor interest in short-term sovereign debt.

“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” she noted.