Nigeria’s Central Bank Governor, Yemi Cardoso, announced that the country recorded a total foreign exchange inflow of approximately $24 billion in the first quarter of 2024. This significant figure, the highest since 2021, was disclosed during an interview with Bloomberg TV in London. Governor Cardoso highlighted the positive impact of the Central Bank’s monetary policy tools on the foreign exchange market. “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. This is nearly 40 to 50% higher than the quarters up to 2021,” he stated. Cardoso expressed optimism about the continued growth of FX liquidity, attributing it to the effectiveness of the Central Bank’s measures. To further enhance foreign exchange inflows, the Central Bank has established a committee aimed at increasing diaspora remittances into the official FX market. This committee, which reports directly to Governor Cardoso, is tasked with doubling the inflow of foreign exchange from international monetary operations (IMTOs). “We’ve recognized the substantial role of the Nigerian diaspora in remitting significant amounts of money into the system. The committee’s objective is to double the foreign exchange inflow from IMTOs servicing autonomous players,” Cardoso explained. Governor Cardoso noted that this initiative is already yielding positive results, with a noticeable increase in inflows from Nigerians abroad. “We are confident that these measures will continue to boost liquidity in our market,” he added.
Nigeria records $24 billion FX inflow in Q1 2024 – CBN Governor Cardoso
