The Central Bank of Nigeria (CBN) has reported a significant increase in net foreign exchange (FX) flows, which surged by 55 percent to $25.4 billion in the first half of 2024.
In a statement released on Wednesday, the apex bank highlighted the positive impact of its recent policy interventions.
The CBN attributed this growth to a rise in capital importation, which hit $6 billion in June 2024, and unprecedented inflows from diaspora remittances through formal channels.
“The CBN’s policy measures are producing tangible results and boosting market confidence,” said the bank. “Net foreign exchange flows increased to $25.4 billion from January to June, representing a 55 percent year-over-year rise. This growth is driven by heightened capital importation and record remittances.”
The bank reaffirmed its dedication to supporting the effective operation of the foreign exchange market by enhancing liquidity as needed.
In addition, the CBN’s commitment to the development of the FX market is evident from its recent sale of $876.26 million to meet bids through the Retail Dutch Auction System (RDAS) on Wednesday.
“Consistent with its promise to provide transparent access to foreign exchange for legitimate customers, the CBN has introduced the RDAS mechanism to directly facilitate FX sales to end users,” the statement read.
As reported by DAILY POST, the CBN sold $876.26 million to 26 banks at a rate of N1495 per dollar.