CBN Diaspora remittances surge by 433% to 1.3bn in February

The Central Bank of Nigeria, CBN, says Diaspora remittances surged by 433 per cent to $1.3 billion in February from $300 million in January. The Acting Director of Corporate Communications at CBN, Hakama Sidi Ali,said 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 higher FX inflows continued in March 2024, driven by increased investor interest in short-term sovereign debt following the recent adjustment to benchmark interest rates. She noted that Government securities issuances had been significantly oversubscribed, with foreign investors accounting for over 75% of bids received at the auctions conducted on March 1 and 6, 2024. Recall that CBN Governor, Olayemi Cardoso, during the 293rd Monetary Policy Committee meeting, detailed a plan to tame inflation, foreign crisis and other measures, including raising interest rates to 22.75 per cent. 

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