The Central Bank of Nigeria (CBN) has unveiled startling statistics indicating a remarkable surge in foreign exchange (FX) inflows into the country during the first quarter of 2024. Representing CBN Governor Olayemi Cardoso at the 8th Vanguard Economic Summit, Blaise Ijebor, Director of Risk at the apex bank, revealed the staggering increase, emphasizing the notable spike in foreign investment portfolio inflows during this period.

“In Q1, we saw a massive spike in inflows. The FX flows into the country in the first quarter of 2024 were 136 per cent of our total inflows in 2023,” stated Ijebor.

Data sourced from the FMDQ website underscored the significance of this surge, revealing that the total foreign portfolio inflow for Q1 2024 amounted to N93.37 billion, a substantial increase compared to the N18.12 billion recorded in Q1 2023. This substantial growth marks a five-fold increase within just a year, highlighting the heightened confidence of foreign investors in Nigeria’s economy.

The surge in FX inflows comes as a pivotal development amidst ongoing efforts to reform Nigeria’s financial landscape. In March, foreign exchange inflows reached a five-year peak, with investor confidence buoyed by the CBN’s strategic reforms.

However, amid the surge in inflows, foreign investment portfolio outflows also witnessed a notable increase, indicating the need for continued vigilance and strategic management of Nigeria’s financial markets.