By Abimbola Ogunnaike
The Central Bank of Nigeria (CBN) has disclosed that Diaspora remittances increased by 433 per cent to $1.3 billion in February from $300 million in January.
The Acting Director of Corporate Communications at CBN, Hakama Sidi Ali, who confirmed the development on Thursday, 7 March, 2024noted that foreign investors’ interest in Nigeria surged during the period referenced.
“The Bank’s data indicates that overseas remittances rose to US$1.3 billion in February 2024, more than four times the US$300 million received in January,” she said.
Recall that CBN Governor, Olayemi Cardoso, during the 293rd Monetary Policy Committee meeting, detailed a plan to tame inflation, foreign crisis and other measures, including raising interest rate to 22.75 per cent.
