The Central Bank of Nigeria has revealed that foreign exchange (FX) inflows into the Nigerian economy have jumped.

According to the apex bank's latest monthly economic report, the Nigerian economy recorded $8.86 billion in Forex inflows in February 2024.

The figure represents a 57% increase when compared to $5.66 billion in the corresponding period of February 2023.

Analysts always believe that improved liquidity in the market will spur the appreciation of the naira and crash the value of the naira in the official and unofficial markets.

Forex inflow into Nigeria

The CBN report also noted that new economic investments increased significantly to $1.24 billion, compared with $0.33 billion in January 2024.

According to CBN data, foreign exchange turnover surged 180% year-on-year to $240.64 million in February 2024, up from $85.80 million in February 2023.

BusinessDay reports indicate that CBN inflows climbed 29% to $3.26 billion in February 2024, compared to $2.53 billion in February 2023.

Month-on-month, total inflows into Nigeria's economy spiked 80% to $8.86 billion in February 2024, from $4.91 billion in the previous month.

The report further highlighted that CBN inflows soared 128% to $3.26 billion, up from $1.43 billion in the preceding month, while autonomous inflows rose 61% to $5.60 billion from $3.48 billion.

Additionally, the CBN noted a significant increase in new investments to $1.24 billion in February 2024, up from $0.33 billion in January 2024.