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Nigeria Records $24bn FX Inflow Q1 2024 — CBN

Written by on June 26, 2024

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the country recorded a total foreign exchange inflow of about $24bn in the first quarter of 2024.

Cardoso made this disclosure during an interview with Bloomberg TV on Tuesday in London.

According to him, the inflow is about 50 per cent above the inflows recorded in previous quarters up to 2021.

The governor also declared that the days of excessive naira volatility were over, highlighting the positive impact of the monetary policy tools employed by the apex bank to tackle the challenges facing the forex market.

He explained that the inflationary pressure has started dropping as a result of the bank’s policy measures, which aim to reduce the current inflation rate of 33.69 per cent.

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