The Central Bank of Nigeria (CBN) reports that by August 2024, foreign exchange (FX) inflows to Nigeria totalled $57 billion.

This was revealed at a conference with international investors in Washington, DC, when Mr. Muhammad Abdullahi, the CBN’s Deputy Director of Economic Policy, gave a report on the nation’s foreign exchange condition.

Abdullahi claims that as of August 2024, capital imports nearly quadrupled to $6.9 billion, up from $3.9 billion for the full fiscal year 2023.

Remittances from the diaspora also increased to a record $3.5 billion, above the $3.2 billion received in 2023.

A 100% FX outflow through the autonomous market was also reported by the CBN, indicating an increase in the market’s efficiency. According to the bank, its involvement in the foreign exchange market has decreased to a mere 5% of the whole market transactions.