The Central Bank of Nigeria said net foreign exchange flows increased by 55 percent to $25.4 billion in the first half of 2024.
The apex bank disclosed this in a statement on Wednesday, emphasising the gains of its recent policy interventions.
According to CBN, the net FX growth in the period under review was propelled by a rise in capital importation, which reached $6 billion in June 2024, and record inflows from diaspora remittances through formal channels.
“The CBN’s policy objectives are yielding tangible results and bolstering market confidence. Net foreign exchange flows rose to $25.4 billion between January and June, marking a 55 percent year-over-year increase.
“This growth has been driven by a rise in capital importation, which reached $6 billion in June 2024, and record inflows from diaspora remittances through formal channels.”
The bank reiterated its commitment to support the proper functioning of the foreign exchange market by enhancing liquidity when necessary.
CBN added that commitment to the growth of the country’s FX market is why it recently sold $876.26 million to fulfill bids submitted by customers through the Retail Dutch Auction System on Wednesday.
“In line with its pledge to provide transparent access to foreign exchange for all legitimate customers, the CBN’s leadership has introduced an additional mechanism through the Retail Dutch Auction System (RDAS) to directly facilitate FX sales to end users,” CBN stated.
Recall that DAILY POST reports that CBN sold $876.26 million to 26 banks at a N1495 per dollar rate.
Net FX flows increase by 55% to hit $25.4bn in 6 months – CBN
