Nigeria’s foreign portfolio inflows hit $2.3bn in two months – CBN

The Central Bank of Nigeria says foreign portfolio inflow into Nigeria surged $2.3 billion in the first two months of 2024 compared to $3.9 billion recorded in 2023.

The Acting Director of Corporate Communications at CBN, Hakama Sidi Ali, disclosed this on Thursday.

She noted that foreign investors purchased more than $1 billion in Nigerian assets in February alone.

According to her, the surge in foreign investor’s interest in Nigeria has led to total portfolio flows reaching $2.3 billion in 2024.

Meanwhile, the apex bank said diaspora remittances surged by 443 per cent to $1.3 billion in February.

“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$ 3.9 billion seen in total for last year,” she stated.

DAILY POST recalls that foreign investment portfolios in the fourth quarter of 2023 surged by 66.77 per cent to $1,060.73 million in the fourth quarter of 2023 compared to the preceding quarter.

Meanwhile, an economic think tank group, Centre for the Promotion of Private Enterprise, said the recently introduced expatriate employment levy will hurt FDI in Nigeria.