Nigeria’s foreign exchange market is on the rise
Lagos, Nigeria – The Central Bank of Nigeria (CBN) has announced a significant boost in foreign exchange inflows, with a 55% year-on-year increase to $25.4 billion in the first half of 2024. The apex bank attributes this surge to a combination of increased capital importation, reaching $6 billion in June alone, and record-breaking diaspora remittances.
To further enhance liquidity in the foreign exchange market, the CBN conducted an auction, offering $876 million to 26 banks. This move is part of the bank’s strategy to address unmet FX demands and foster a more transparent market environment.
CBN’s efforts to stabilize the foreign exchange market
The CBN has been actively implementing policies aimed at stabilizing the foreign exchange market and boosting the economy. While the bank claims these efforts are yielding positive results, challenges such as inflation and the high cost of living persist for many Nigerians.
Credit: PUNCH NEWS