CBN governor Yemi Cardoso has said in London, that the country saw a total inflow of foreign exchange of about $24 billion in the first quarter of 2024.
The governor also mentioned that the apex bank’s monetary policy tools are having a positive impact on the foreign exchange market, noting that the increase in FX liquidity in the first quarter of 2024 is the highest since 2021.
“In terms of liquidity, especially on the foreign exchange side, we’ve seen an increase. The first quarter of this year has resulted in a total inflow of about $24 billion. Now, this is almost about 40 to 50% more than the quarters up to about 2021.
“Clearly, the tools are having a positive impact. So we believe that continuing on this trajectory, we believe that liquidity will continue to grow,” Cardoso said.
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Committees on Diaspora Funds
In addition, Cardoso said the apex bank has set up a committee to facilitate more inflow of diaspora funds into the official FX market.
He said the committee reported directly to him with the sole objective of doubling the inflow of foreign exchange from the international monetary operations (IMTO).
According to him, this committee has begun to yield positive outcome with an increase in inflow from Nigerians in diaspora.
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“We’ve had a recognition of the huge role of the Nigerian diasporans play in remitting tremendous amount of money into the system over a period of time.
“We set up a committee which report directly to me with the goal of doubling the amount of foreign exchange inflow coming from the IMTO who service that segment the autonomous players.
“Already, it’s beginning to bring about result. Again, we are confident that with these kinds of measures liquidity will increase in our market,” Cardoso added.
