The Central Bank of Nigeria has revealed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024, a 55 percent increase from the recorded figure year-over-year.
The naira finished at the same rate that it closed on Wednesday, N1,596, versus the US dollar, indicating that the clear improvement is the consequence of its policy actions, the statement added.
The CBN’s disclosure about foreign exchange movements coincided with the apex bank’s $876 million auction to 26 banks to settle outstanding foreign exchange requests.
The top bank said in a statement on Thursday that record inflows from remittances from the diaspora through official channels and an increase in capital imports, which hit $6 billion in June 2024, were the main drivers of this surge.
