‘Economy attracted $24b FX inflows in Q1’

Foreign exchange inflows to the economy stood at $24 billion during the first quarter of this year , Central Bank

“The tools are having a positive impact. So, we believe that continuing on this trajectory, liquidity will continue to grow,” he said. According to the data obtained from FMDQ’s website, total inflows into the Nigerian Autonomous Foreign Exchange Market increased by 41.7 per cent to $3.75 billion as against $2.64 billion in February – the highest level since March 2019 .The data revealed that local sources accounted for 59 per cent of total transactions, while foreign sources contributed 41 per cent of gross transactions.

According to the governor, the committee efforts are yielding positive results as seen in the rise in inflow from Nigerians in the diaspora. The economy has continuously shown strength in forex inflows since January. The CBN data showed that in January, international trade transactions resulted in a higher trade surplus in the review period, due, majorly to improved domestic crude oil production and higher global crude oil prices.Foreign exchange flows through the economy resulted in a higher net inflow through autonomous sources.

Source: Financial Digest (financialdigest.net)

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